Another bank has just failed.
This marks the 6th bank this year to fail in the United States, but I’m sure the system is “just fine”.
BREAKING | Citizens Bank has reportedly been closed by regulators. This in the 6th US bank failure this year. pic.twitter.com/lkzNWjwgoC
— READY ALERTS (@ReadyAlerts) November 3, 2023
They sure do love making these announcements late on a Friday:
NEW: Bank failure Fridays are back!
Citizens Bank in Sac City, Iowa, was shuttered yesterday due to substantial hidden loan losses, forcing FDIC receivership.
Is this a signal of renewed vulnerability among regional banks? pic.twitter.com/BJoobNTNCw
— Bitcoin News (@BitcoinNewsCom) November 4, 2023
Citizens Bank of Iowa had $66 million in assets:
Another Bank Failure…
Citizens Bank Iowa
— Tony Kambeitz (@Kambeitz9) November 4, 2023
Here is the full Press Release from the FDIC:
Citizens Bank, Sac City, Iowa, was closed today by the Iowa Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a Purchase and Assumption Agreement with Iowa Trust & Savings Bank, Emmetsburg, Iowa, to assume all of the deposits of Citizens Bank.
The two branches of Citizens Bank will reopen as branches of Iowa Trust & Savings Bank on Monday during normal business hours. This evening and over the weekend, depositors of Citizens Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
Depositors of Citizens Bank will become depositors of Iowa Trust & Savings Bank, so customers do not need to change their banking relationship in order to retain their deposit insurance coverage. Customers of Citizens Bank should continue to use their existing branch until they receive notice from Iowa Trust & Savings Bank that it has completed systems changes to allow its branch offices to process their accounts as well.
As of September 30, 2023, Citizens Bank had approximately $66 million in total assets and $59 million in total deposits. In addition to assuming all of the deposits, Iowa Trust & Savings Bank agreed to purchase essentially all of the failed bank’s assets.
Customers with questions about the transaction should call the FDIC toll-free at 1-866-314-1744. The phone number will be operational this evening until 9:00 p.m. Central Time (CT); on Saturday from 9:00 a.m. to 6:00 p.m. CT; on Sunday from noon to 6:00 p.m. CT; on Monday from 8:00 a.m. to 8:00 p.m. CT; and thereafter from 9:00 a.m. to 5:00 p.m. CT. Interested parties can also visit the FDIC’s website.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $14.8 million. Compared to other alternatives, Iowa Trust & Savings Bank’s acquisition was the least costly resolution for the DIF, an insurance fund created by Congress in 1933 and managed by the FDIC to protect the deposits at the nation’s banks. Citizens Bank is the fifth bank to fail in the nation this year. The last failure in Iowa was Polk County Bank, Johnston, Iowa, on November 18, 2011.
Chris Greene over at AMTV had more on the story:
The Bank failed the same day that widespread outages plagued Banks big and small and paychecks suddenly “went missing”.
We covered it yesterday:
We've been warning you all year....
I hope you've been taking action.
The worst is yet to come.
Get ready for a period of time coming soon when banks simply won't be open!
That's not my opinion, that's Col. Macgregor:
Or perhaps they will use "bail-ins"...
Have you heard about those?
Your bank may be open, but it will decide that you need to contribute to the "greater good" (perhaps during some major crisis event) and it will simply take a portion of whatever you have on deposit as your "contribution".
Think that sounds crazy?
They've already done it in other countries.
Coming here next?
INCOMING: US Government May Freeze American Bank Withdrawals
Don’t say I didn’t warn you…
I follow the news for a living and I keep my finger on the pulse of the nation while doing so, and I can tell you something feels very “off” right now.
Like something big is about to drop.
And I feel like it will involve the banks.
Call it a hunch, but my gut isn’t wrong too often.
And it’s very possible your money may not be safe.
Where’s the safest place to put your money?
For decades, we were raised and taught the answer to that question was “in a bank”.
And for decades that answer was correct.
But what if one day the bank just says — sorry! It’s not your money anymore! — and refuses to let you take it out?
That’s not just random speculation by me, many experts are warning that’s coming.
In fact, it already has a name: “bail-ins”.
Check this out:
U.S. may freeze bank withdrawals as currency fear rises, expert warns https://t.co/HeIqYBJIGK
— 𝕀ℕ (@Ianbins) May 14, 2023
And from Stew Peters:
ALERT: US Government May Freeze American Bank Withdrawals As Currency Panic and Capital Flight Mounts - Hedge Fund Manager Hugh Hendry
This will be catastrophic. pic.twitter.com/IPjWj4SzX6
— Stew Peters (@realstewpeters) May 8, 2023
Here’s more, from The Daily HODL:
In a new interview on Bloomberg Markets, Hendry says mass panic and capital flight away from the US banking sector is entirely justified.
Hendry says a further decline in the M2 money supply, which in part tracks money in liquid checking accounts, could convince the US government to step in and prevent citizens from taking their capital out of the banking system.
“Sometimes it’s kind of relevant to panic. I would recommend you panic… You’ve seen the biggest waterfall decline in M2 right now. M2 is deposits, not loans. That’s the deposits fleeing the system and going into money market funds.
That could reach a crescendo where the Treasury and the Fed may have to come in and actually restrict your right as a US citizen to pull money out of the US banking sector.”
Hendry says capital flight from US banks is not solely about fears on whether the FDIC will insure deposits above $250,000, and a blanket guarantee on deposits would not solve the problem.
“There is capital flight, deposit flight from the banking sector seeking yield. I fear that, I don’t say this lightly, but in 1934 the Federal Reserve Act confiscated gold from US citizens.
We’re at the point where the Fed and Treasury officials I’m sure are having to consider a gate a lock on US bank deposits.”
You can watch that full video here:
But it’s not just these people warning you…
How about President Trump himself?
That’s right, check this out:
TRUMP: “Our Currency Is Crashing And Will Soon No Longer Be The World Standard…”
President Trump said something VERY interesting in his historic speech last night.
Many very interesting things actually.
But one thing really jumped out to me because we’ve been covering it here a lot.
And that is the crash of the U.S. Dollar.
Bo Polny was one of the very first people to ever talk about this, telling me on my show over 2 years ago that it would happen.
Back then people laughed.
Said Bo was crazy.
Now you have President Donald John Trump telling you point blank.
"Our currency is crashing and will soon no longer be the world standard...If you took the five worst Presidents in the history of the United States and added them up they would not have the amount of destruction Joe Biden has done...
These radical left lunatics want to… pic.twitter.com/X20GSBoF1c
— DailyNoah.com (@DailyNoahNews) April 5, 2023
As always, I never like to just leave you with a problem…
Leave you feeling helpless…
Nah, that’s not what we do here.
I like to give you solutions!
And on that note I have just one question for you: “Got Gold?”
Got God’s money?
Might be wise.
Gold Is About To Become “Unobtainium”?
In the history of the world, it usually hasn’t been a bad idea to secure some of your assets in “God’s money” a/k/a Gold.
And boy do I have a big update for you on that.
Here are two of the best, Steve Quayle and Greg Hunter.
I always love listening to these two chat, even though they got a little chippy at the end, with Quayle chipping back “Did you not just hear me?”
That’s ok, stress and tensions running high.
But there was a LOT in this one and I will try to summarize a couple main points.
First, Quayle points out that China has been absolutely DUMPING U.S. Treasuries in recent months, and then accelerating the sales this week.
According to Quayle, they dumped so much this week they sold them for 15 cents on the dollar just to get out.
As Bo Polny keeps warning us, a failure of the U.S. Dollar (USD) $ is coming and this is how you get a failure.
When the second largest holder of U.S. Treasuries rage quits the market and dumps them at fire sale.
Take a look at this:
China cuts US Treasury holdings to lowest level since global financial crisis. And the sales are accelerating.
— Wall Street Silver (@WallStreetSilv) March 25, 2023
Ok, so to everyone who just tuned out when I started talking about Treasuries, let me explain to you why this matters.
DISCLAIMER: no, I am not a Financial Advisor and I’m definitely not YOUR Financial Advisor. But I am a reporter and I report it like I see it. Fair and honest.
Because the US Dollar is likely going down hard….
But that also means Gold is likely about to Moonshot.
Check this out:
Gold's new 8-Year Cycle looks to be confirmed now.
Leaving behind one hell of a sexy looking chart.
The narrative for a big bull market is certainly there. pic.twitter.com/PFv4TJ5KVS
— Bob Loukas (@BobLoukas) March 25, 2023
I think you should get out of the banking system now. Shift your deposits into Gold, Silver or Crypto. You can't trust your Bank or the Govt. When the derivatives bubble pops no Govt will be able to print enough money to guarantee all deposits without causing hyperinflation.
— Kim Dotcom (@KimDotcom) March 25, 2023
The Hierarchy Of Money And The Case For $8,000 Gold https://t.co/52Ci27pQxZ
— zerohedge (@zerohedge) March 24, 2023
As for that last one, that would be going from $2,000/oz to $8,000/oz.
We call that a 4x move, or a 400% gain.
You can watch the full interview here on Rumble:
If you already have gold, that’s great!
For everyone else….keep reading:
A Faith-Driven, Conservative Precious Metals Company You Can Use With Your IRA!
For the last year, central banks across the globe have been buying up as much gold (and often silver) as they can acquire without raising alarm bells. Now, we see why.
The recent bank runs and ongoing collapse of the U.S. banking system was anticipated by the “elites” and the central bankers who run things behind the scenes. They saw it coming and knew the best way to protect their assets was through physical precious metals.
If you’ve been waiting for me to bring you a solution about what YOU can do to protect yourself and you’re family, I’m happy to introduce you to something I absolutely love!
I just talked about precious metals this week with Bo Polny and now I’m bringing you a solution that you can utilize right away if you’re so inclined…
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With Genesis and their depositories, customers can see and touch the precious metals that back their retirement accounts. When it comes time to take distributions, Genesis customers can cash in some or all of their precious metals or have them delivered to their door.
Central bankers aren’t slowing down. In fact, nations like China and even U.S. states like Tennessee are quickly but quietly buying up gold to back their own treasuries. When the writing on the wall is this clear, it’s understandable why these governments are moving quickly to get ahead of any potential economic catastrophes in store.
Working with Genesis is the best way our readers can explore the physical precious metals market through self-directed IRAs. It benefits us as well when our readers work with this America-First company.
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Don’t wait too long, we might have more bank failures right around the corner.
You know what has NEVER “failed”?
Gold. Precious metals. Indestructible.
There’s a reason they call it “God’s money”.
Watch this for more:
This is a Guest Post from our friends over at WLTReport.