Citizens Bank&Trust Company of Chicago, Chicago, IL, was
Friday, April 23, 2009 by the Illinois Department of Financial Professional
Regulation, Division of Banking. Subsequently,
the Federal Deposit Insurance Corporation (FDIC) was appointed Receiver.
According to regulatory policy, there is no advance notice given to the
No one lost any deposits as a result of the closure of Citizens Bank&Trust
Company of Chicago. To protect depositors, the FDIC Board of Directors approved
the assumption of ALL of Citizens Bank&Trust Company of Chicago’s
deposits by Republic Bank of Chicago, headquartered in Oak Brook, IL.
The total balance in your account(s) has been transferred to Republic
Bank of Chicago and will be available for transactions during regular business
hours at the former Citizens Bank&Trust Company of Chicago branch
starting on Saturday, April 24, 2010.
You may continue to use your same checks, ATM/debit cards until notified.
All direct deposits, including social security checks, will continue as
To forewarn you of any scams, please be advised that you will not
receive any e-mail notification from the FDIC, the Receiver, or Republic
Chicago to claim/unlock/unsuspend your account or to provide any private
information. Please be watchful for and resist any such scams to obtain information
from you by individuals or entities purporting to act on behalf of Citizens
Bank&Trust Company of Chicago or the FDIC.
Over $250,000: What if I have more than $250,000
in my accounts at Citizens Bank&Trust Company of Chicago?
All deposit accounts have been transferred in their entirety
to Republic Bank of Chicago. The former Citizens Bank&Trust Company
of Chicago office will reopen for normal business hours on Saturday, April
as a branch of Republic Bank of Chicago.
As an All-Deposit Transfer transaction, the total of all deposit accounts,
whether within FDIC insurance limits or not, have been assumed by Republic
Bank of Chicago and will be available for business as usual.
Account Hold: I have been advised there is a hold on my account. What does that mean?
It is possible a depositor’s account was held due to delinquent loans
where the depositor is the borrower or guarantor. Additionally, any account
pledged as collateral for a loan will continue to be held. A letter will
be sent informing you of any holds placed by the FDIC, along with instructions
on how to proceed. If you have any questions regarding these holds, please
call your loan officer or the FDIC at the number provided in the letter.
ATM/Debit Card/Checks: Can I continue to write checks or use my ATM/Debit card?
You will be able to continue using your personal checks at this
time, and your ATM/Debit card will continue to work. The ATM machine will be unavailable
for a short period of time on Friday for processing; however, it will be
operational shortly after that is accomplished and will be available as usual.
Brokered Deposits/Deposit Broker: I am a deposit
broker or I have brokered deposits. What do I need to do?
As an All-Deposit Transfer transaction, the total of all deposit
accounts have been assumed by Republic Bank of Chicago.
Be advised, however, that from and after the date of closing, Republic
Bank of Chicago will accrue and pay interest on deposit liabilities
at a rate it shall determine; accordingly, Republic Bank of Chicago
shall permit depositors, including brokered depositors, impacted by
reduced rates to withdraw their deposits without penalty for early
If you are a customer that has a Citizens Bank & Trust Company
of Chicago deposit arranged through a broker, you must contact your
broker with any questions.
Checks not honored: A merchant will not honor my check. What can I do?
A copy of this document or the press release from www.fdic.gov can be
provided as both documents state all deposits have been transferred to
Republic Bank of Chicago, and it is business as usual. Copies of this
press release will be available at the former Citizens Bank&Trust
Company of Chicago branch. Depositors or merchants can also call the
FDIC at 1-800-823-5017 or the former Citizens Bank&Trust Company
of Chicago branch.
Your account(s) has already been transferred to Republic Bank of Chicago,
and your account(s) will be handled as usual. Any withdrawal, renewal or
additional deposits will “claim” your account. Please be advised
that if there is no activity in your account in the next 18 months, that
money will be turned over to your state as unclaimed property in accordance
with state law. Unclaimed property can be located by visiting www.missingmoney.com or contacting your state treasurer’s office or office of unclaimed
All deposits (both insured and uninsured) of Citizens Bank&Trust
Company of Chicago have been transferred to Republic Bank of Chicago, and
it will be business as usual. If you held an account at Citizens Bank&Trust
Company of Chicago, you now have an account at Republic Bank of Chicago
that is available to you at your former Citizens Bank&Trust Company
of Chicago branch during regular business hours.
Please note: Customers of both banks should continue to use their respective
existing branch until Republic Bank of Chicago can fully integrate the
deposit records of Citizens Bank&Trust Company of Chicago. You will
be notified in advance of this conversion.
The former Citizens Bank&Trust Company of Chicago location will
reopen for normal business hours on Saturday, April 24, 2010.
You will have continued access to your money through your ATM/debit card
If you had a loan with the bank, continue to make your checks payable
to Citizens Bank&Trust Company of Chicago and mail to the same address
you have used in the past until you are instructed otherwise.
I already have other deposit accounts with the new bank. When combined with balances at this bank, my deposits exceed $250,000. Are all funds insured?
The transferred deposits will be separately insured for at least six months after the merger. This grace period gives a depositor the opportunity to restructure his or her accounts, if necessary.
CDs from the assumed bank are separately insured until the earliest maturity
date after the end of the six-month grace period. CDs that mature during
the six-month period and are renewed for the same term and in the same dollar
amount (either with or without accrued interest) continue to be separately
insured until the first maturity date after the six-month period. If a CD
matures during the six-month grace period and is renewed on any other basis,
it would be separately insured only until the end of the six-month grace
Direct Deposits, Social Security: What will happen to my direct deposits?
Direct Deposits, including Social Security checks, will continue as normal.
If you need to change anything in the future, please contact or visit your
former Citizens Bank&Trust Company of Chicago branch location to
make those arrangements.
Early withdrawal penalty: Will I incur an early withdrawal penalty if I close my CD before
No. You may withdraw funds from any transferred account without an early
withdrawal penalty until you enter into a new deposit agreement with your
new bank. Entering into a new deposit agreement can be done by either renewing
your CD or making a deposit to or a withdrawal from your account.
Interest: Will I continue to earn interest at the same rate?
All interest on insured deposits accrued through Friday, April 23, 2010,
will be paid at your same rate. Republic Bank of Chicago will review rates
and notify you if interest rates will change. Your interest rate may be
IRAs: What if I have an Individual Retirement
Yes, all deposits, including IRAs have been transferred in their
entirety to Republic Bank of Chicago. IRA funds are insured separately
from other types of accounts up to $250,000.
If you close your IRA before maturity, you have 60 days to roll
this over into another retirement vehicle. You should consult IRS
Publication 590 and/or your tax advisor concerning the possible tax
consequences of such distribution. IRS Publication 590 may be obtained
by contacting your local IRS office or via the Internet at www.irs.gov.
Tax Reporting - 1098/1099s: Who will send my 1098 and/or 1099 information after the end of the year?
The Republic Bank of Chicago will be responsible for mailing your 1099
tax information. Your 1098 reporting will be done by the FDIC
or the servicer of your loan. You will be notified of any changes
in ownership or servicing of your loan.
Automatic Payments: Will my automatic transaction payment still occur on its assigned date?
You should experience no disruption in this service. We encourage you
to check your bank account the day after your scheduled draft to verify
the transaction. If the transaction did not occur, please notify your loan
officer to research your loan.
All services previously performed related to your loan will continue.
Should you receive notification that any portion of your taxes or insurance
were not paid, please notify your loan officer immediately.
Foreclosures: Are there any changes to fees or charges due to this event?
At this point, we have suspended all foreclosure actions in order to evaluate
the loans and the borrower’s ability to repay. It is our intention
to sell all loans, and it will be up to the new owner to determine the
best method of collection on the loan. There may be instances where we
will continue with the foreclosure process, but this will be done on a
Your loan may be sold at a future date. If that occurs, you will be
notified in advance through written correspondence. If you are concerned
about whom your future lender or servicer will be, you have the right
to independently refinance your loan with another lender.
Line of Credit Advances – Home Equity: Can
I continue to perform advances on my line of credit?
All lines of credit, including Home Equity Lines of Credit (HELOCs), have
been suspended at this time and have been retained by the FDIC. You may
contact Republic Bank of Chicago to discuss establishing a borrowing relationship.
You should continue to make your payments as agreed. Make checks payable
to Citizens Bank&Trust Company of Chicago and utilize the same payment
address information. You may continue to make your payments at the branch
or by phone via check or credit card.
Pre-payment Penalty: If I refinance with another lender, will my pre-payment penalty be waived?
Any pre-payment penalty will be waived as long as FDIC as Receiver for
Citizens Bank&Trust Company of Chicago has control of the asset,
and the borrower obtains refinancing of the outstanding balance on the
account with another financial institution.
SBA Application in Process: What will happen to my SBA loan application in process?
The FDIC as Receiver for Citizens Bank & Trust Company of Chicago will not be originating any
If your loan has been approved by the SBA, but is not yet funded, please
contact your loan officer. He will direct you to the proper SBA contact
to help you locate another approved lender.
If your loan is in process, but is not yet approved by the SBA, we will
release your SBA package on file with us to you, and you will need to apply
with another SBA-approved lender. Please contact your loan officer to make
arrangements to retrieve your application from the bank.
Each loan is currently being reviewed independently to determine the best
action for that individual loan. Your loan may be sold at a future date.
If that occurs, you will be notified in advance through written correspondence.
If you are concerned about whom your future lender or servicer may be,
you have the right to independently refinance your loan with another lender.
I was in the process of negotiating the purchase of real property held
by Citizens Bank&Trust Company of Chicago. Will my offer still be considered?
The FDIC, as Receiver has hired Prescient, Inc., to handle the management
and disposition of real property acquired from the Institution. If you
have questions regarding the status of your offer, please feel free
to contact Prescient directly as follows:
786-433-0322 or 877-520-1112
Prescient Asset Management
2600 Douglas Rd Suite 800
Coral Gables, Fl 33134
All-Deposit Transfer versus Insured Deposit Transfer: Why do all deposits, insured and uninsured, pass is some transactions but not in others?
The FDIC is required by law to employ the least-cost resolution measure
for each failed financial institution. The most frequent result had been
for the FDIC to transfer only the insured deposits in a Purchase and Assumption
transaction; however, the temporary increase in the deposit insurance limit
has assisted in the transfer of all deposits more often in the past year.
Shareholders: I am a shareholder. What happens to my shares?
The Citizens Bank&Trust Company of Chicago had no publicly owned
stock. Equity shareholders were invested in the holding company, Citizens
Financial Corporation, and not in the bank. Please do not file a claim with
the Receiver, rather contact the holding company with any questions you
Citizens Financial Corporation
5700 N Central Ave
Chicago, IL 60646
You must register in the Central Contractor Registration database at
www.ccr.gov. Entry into the database is not a guarantee that a contractor
will receive a future solicitation.
You may also call 1-866-308-4470 for more information or send an email
to ProcurementOpportunities@fdic.gov. Please include a statement of
your corporate capabilities, contact information and Minority or Women-Owned
Business (MWOB) status, if any.