OCC Appoints Receiver for Citizens First National Bank, Princeton, IL

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Citizens First National Bank, Princeton, IL. As of September 30, 2012, the institution had approximately $924 million in total assets.

The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices.  The OCC also found that the bank incurred losses that depleted its capital, and there is no reasonable prospect that the bank will become adequately capitalized.

The FDIC will release information about the resolution of the bank.