Each depositor insured to at least $250,000 per insured bank

1. Introduction
2. Press Release
3. Acquiring Financial Institution
4. Question and Answer Guide
5. Banking Services
6. Loan Customers
7. Possible Claims Against the Failed Institution
8. Priority of Claims
9. Dividend Information
10. Brokered Deposits
11. Purchase and Assumption Agreement (3.5 MB PDF File - PDF Help)
12. Bid Summary
13. Citizens Bank & Trust Company of Chicago Contact Information
14. Balance Sheet Summary

On Friday, April 23, 2010, Citizens Bank&Trust Company of Chicago, Chicago, IL was closed by the Illinois Department of Financial and Professional Regulation, Division of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information, which should answer many of your questions.

The FDIC has issued a press release (PR-086-2010) about the institution's closure.  If you represent a media outlet and would like information about the closure, please contact Greg Hernandez at
1-202-898-6984.

All deposit accounts have been transferred to Republic Bank of Chicago, Oak Brook, IL ("assuming institution") and will be available immediately.  The former Citizens Bank&Trust Company of Chicago location will reopen as a branch of Republic Bank of Chicago during regular business hours.

Your transferred deposits will be separately insured from any accounts you may already have at Republic Bank of Chicago for six months after the failure of Citizens Bank&Trust Company of Chicago. Checks that were drawn on Citizens Bank&Trust Company of Chicago that did not clear before the institution closed will be honored as long as there are sufficient funds in the account.  If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative by calling 1-800-823-5017.

For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

EDIE - FDIC's Electronic Deposit Insurance Estimator

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Republic Bank of Chicago as long as the deposits are not pledged as collateral for loans. You may view more information about Republic Bank of Chicago by visiting their web site.

Republic Bank of Chicago (www.republicebank.com)

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.

The bank will maintain its regular business hours, and you may continue to use the services to which you previously had access, such as safe deposit boxes, night deposit boxes, wire services, etc.

Your checks will be processed as usual.  All outstanding checks will be paid against your available balance(s) as if no change had occurred.  Your new bank will contact you soon regarding any changes in the terms of your account.  If you have a problem with a merchant refusing to accept your check, please contact your branch office.  An account representative will clear up any confusion about the validity of your checks.

All interest accrued through Friday, April 23, 2010 will be paid at your same rate.  Republic Bank of Chicago will be reviewing rates.  You will be notified of any changes.

Your automatic direct deposit(s) and/or automatic withdrawal(s) will be transferred automatically to your new bank.  If you have any questions or special requests, you may contact a representative of your assuming institution at your branch office.

If you had a loan with Citizens Bank&Trust Company of Chicago, you should continue to make your payments as usual.  The terms of your loan will not change, because they are contractually agreed to in your promissory note. Checks should be made payable as usual and sent to the same address until further notice. If you have further questions regarding an existing loan, please contact your loan officer.

For all questions regarding new loans and the lending policies of Republic Bank of Chicago, please contact your branch office. Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information.

Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. If you or your company provided a service or product, leased space, furniture, or equipment to Citizens Bank&Trust Company of Chicago after Friday, April 23, 2010 and have not been paid, you do not have a claim against Citizens Bank&Trust Company of Chicago. Please follow your normal billing procedures by providing an invoice as instructed.

If you or your company provided a service or product, leased space, furniture, or equipment to Citizens Bank&Trust Company of Chicago prior to Friday, April 23, 2010 and have not been paid, you may be entitled to a claim against the bank. If you provided a product to or a service for Citizens Bank&Trust Company of Chicago prior to the bank's failure for which you have not been paid and you have not received communication, please contact:

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

Depositors

General Unsecured Creditors

Subordinated Debt

Stockholders

Dividend Information on Failed Financial Institutions

The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele.  This site outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution.

Deposit Broker's Processing Guide