FDIC Prepares to Shut Down Two Zombie Bank Receiverships
Published Date: 5/15/2025
Notice
Summary
The FDIC is wrapping up its work with two banks and plans to officially close their receiverships in about 30 days. This means all assets have been handled, and final payments to creditors will be made soon. If anyone wants to share thoughts about this, they need to write in within 30 days from this notice.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Final dividend payments to creditors
If you are a proven creditor of either The First State Bank (Barboursville, WV; receivership appointed 04/03/2020) or Citizens Bank (Sac City, IA; receivership appointed 11/03/2023), the FDIC reports that liquidation of assets is complete and will make a final dividend payment to proven creditors to the extent permitted by available funds and law.
30-day comment window before termination
If you wish to comment on terminating either receivership, you must send a written comment identifying the receivership within 30 days of this notice (deadline 2025-06-11 based on the notice dated 2025-05-12) to: Federal Deposit Insurance Corporation, Division of Resolutions and Receiverships, Attention: Receivership Oversight Section, 600 North Pearl, Suite 700, Dallas, TX 75201. Comments received after that timeframe will not be considered.
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