October 30, 2009
OCC Appoints Receiver for Citizens National Bank
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Citizens National Bank, Teague, Texas. As of June 30, 2009, the Bank had approximately $106 million of total assets.
The OCC acted after the FDIC assessed cross-guaranty liability against, and demanded immediate payment from, the Bank as a result of the failure of affiliated banks in FBOP Corporation, Oak Park, Illinois. The OCC found that the cross-guaranty liability depleted the Bank of all of its capital, and there is no reasonable prospect that the Bank will become adequately capitalized without Federal assistance.
The FDIC will release information about the resolution of the Bank.