Department of Financial Institutions Appoints Receiver for Citizens Bank of Northern California
(San Francisco, CA) The California Department of Financial Institutions (DFI) today announced that Citizens Bank of Northern California (Citizens Bank) was closed, citing inadequate capital.
Citizens Bank is a state-chartered, federally insured commercial bank based in Nevada City. Its deposits are federally insured for up to $250,000 per account by the Federal Deposit Insurance Corporation (FDIC).
The FDIC was appointed receiver of Citizens Bank by DFI. The FDIC has arranged the transfer of all of Citizens Bank’s deposit accounts to Tri-Counties Bank. For the FDIC’s press release regarding its appointment as receiver and information about FDIC coverage limits and requirements, visit www.fdic.gov or call toll-free 1-877-ASK-FDIC.
California’s financial institutions are symbols of safety and soundness. Maintaining the integrity of financial services remains the primary mission of the DFI. The DFI oversees the secure operation of California’s state-chartered financial institutions. DFI ensures public confidence in financial institutions by protecting the interests of depositors, borrowers, shareholders and consumers through enforcement of state laws. In addition to posting information about the Department and its licensees, DFI’s Web site features consumer tips on a variety of financial topics and consumer brochures in seven languages.
The DFI reports to Traci Stevens, Acting Secretary of the Business, Transportation and Housing Agency and Governor Edmund G. Brown Jr.