Citizens Bank, Fifth US Bank to Fail in 2023

Branches Reopen Under Iowa Trust Savings Bank

FDIC Issues Memorandum on Failed Bank Review

New York (CNN) - Citizens Bank has become the fifth bank in the United States to fail in 2023. The Federal Deposit Insurance Corporation (FDIC) announced that the two branches of Citizens Bank will reopen as branches of Iowa Trust Savings Bank. The FDIC Office of Inspector General has issued a memorandum on the Failed Bank Review of Citizens Bank. The memorandum is expected to provide insights into the causes of the bank's failure. Bruce Van Saun, head of Citizens Financial Group, the 14th largest bank in the US, had previously declined an interview request for a piece discussing the banking crisis. Experts advise against withdrawing money from banks during such situations. Answers to other frequently asked questions are available here. The 2023 United States banking crisis involves a series of bank failures and bankruptcies that occurred in early 2023 due to various factors, including the impact of the COVID-19 pandemic on the economy.