Citizen’s Bank of Northern California was shut down by the FDIC Friday. Tri Counties Bank will be taking over and all branches of Citizen’s are expected to be open today under Tri Counties name. A notice on the Tri Counties Bank website welcomes Citizen’s bank customers and explains that Citizen’s Bank Customers do not need to change normal banking behaviors. Your deposits and loans are safe, sound and readily accessible. You can continue to write and cash checks as usual, and continue banking with Tri Counties Bank just as you did with Citizens Bank of Northern California.
Customer accounts at Citizens Bank of Northern California have been automatically transferred to Tri Counties Bank. However, you will still need to “claim” your account(s) within the next 18 months. This simply means you need to use your ATM/Debit card, write a check, make a deposit (electronic or in person) or use your online bill pay. If you need further assistance, you can visit your local branch or give Tri Counties Bank a call at 1-800-922-8742.Tri Counties Bank will review rates paid on deposit accounts and will notify customers if interest rates will change.
Customers can withdraw all or any portion of the deposits held at the former Citizens Bank of Northern California at any time without being liable for early withdrawal penalties.
Bank records show Citizen’s bank has losses over $20 million dollars over the last two years. Citizens Bank had about $288.8 million in total assets and $253.1 million in total deposits as of June 30, according to the Federal Deposit Insurance Corporation. The FDIC estimated the cost of the closure to the Deposit Insurance Fund at $37.2 million. Citizens Bank of Northern California is the fourth bank to fail in California this year and the 73rd U.S. bank failure of 2011. Tri Counties Bank of Chico, Calif. will assume all of the deposits and assets of the failed bank.
If you need additional help or have any questions, please stop by your local branch or give us a call toll-free at 1-800-922-8742.