UPDATE: I found the document that the FDIC sent to Citizens Bank. It is 2011-06-029. Why isn’t The Union reporting this?
“A struggling Nevada City bank has been hit with a warning notice by federal regulators over its weakened financial state,” according to the Sacramento Bee.
“Citizens Bank of Northern California was given a “prompt corrective action directive” by the Federal Deposit Insurance Corp. The notice went out in late June but wasn’t disclosed by the FDIC until today.
The FDIC ordered the bank to sell enough stock to become “adequately capitalized” or agree to be sold altogether to another bank.
The bank’s president Gary Gall couldn’t be immediately reached for comment.
The rest of the article is here.
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