Regulators seize Ill.-based Citizens National Bank; 36th failure of '09

SAN FRANCISCO (MarketWatch)

Macomb, Ill.-based Citizens National Bank was closed by regulators, the 36th bank failure of the year and the second Illinois closure announced on Friday, according to the the Federal Deposit Insurance Corp. Morton, Ill.-based Morton Community Bank has agreed to assume the failed bank's deposits, the FDIC said. Citizens National had roughly $400 million in deposits as of May 13, and $437 million in assets, the FDIC said.