Citizens First National Bank, which has a branch in Huntley, has closed and was taken over by Heartland Bank and Trust Company.
People who have accounts at Citizens First still are able to access their money via writing checks, ATM and debit cards, the Federal Deposit Insurance Corp. said in a news release.
“Checks drawn on the bank will continue to be processed,” the FDIC said. “Loan customers should continue to make their payments as usual.”
The Office of the Comptroller of the Currency, which is part of the Treasury Department, closed the Princeton-based bank and named the FDIC as receiver, according to the news release. The FDIC then entered into a purchase and assumption agreement with Heartland Bank and Trust Company of Bloomington.
Citizens First has 21 branches.
A sign was placed on the front door of the Huntley branch, 12101 Regency Square Parkway, saying, “Citizens First National Bank is now Heartland Bank and Trust Co. We will be open as usual Monday morning.”
Citizens First also has an ATM location in the Del Webb lodge area in Huntley.
As of Sept. 30, Citizens First had about $924 million in assets and $869.4 million in deposits. In addition to assuming all of the deposits of the failed bank, Heartland Bank and Trust agreed to purchase essentially all of the assets, according to the news release.
The FDIC estimates about $45.2 million will be paid out of the Deposit Insurance Fund.
“Compared to other alternatives, Heartland Bank and Trust Co.’s acquisition was the least costly resolution for the FDIC’s [insurance fund],” the FDIC said.
Citizens First is the 49th FDIC-insured institution to fail in the nation this year, and the eighth in Illinois. The last FDIC-insured institution closed in the state was the Crete-based First United Bank on Sept. 28.
Customers with questions about the transaction should call the FDIC at 1-800-830-4698.
The phone number will be operational from noon to 6 p.m. today, from 8 a.m. to 8 p.m. Monday and from 9 a.m. to 5 p.m. thereafter. Interested parties also can visit the FDIC’s website at www.fdic.gov/bank/individual/failed/cfnb.html.