Two area banks closed by FDIC

Two area banks -- Citizens National Bank of Teague and Madisonville State Bank in Madisonville -- were among nine banks closed by the federal and state bank regulators and taken over by the FDIC on Friday evening, October 30.

Employees of the Teague bank were asked to attend a mandatory meeting on Saturday morning, and were assured that their jobs would be protected through the first of the year.

Over the weekend, depositors of the banks could access their money by writing checks or using ATM or debit cards. On Monday, the banks were to reopen during normal business hours as branches of U.S. Bank of Minnesota, which entered into a purchase and assumption agreement with FDIC to assume all of the deposits and assets of the nine failed banks. Checks drawn on the banks will continue to be processed and loan customers are expected to make their payments as usual.

Customers of Teague's Citizens National Bank who have questions can contact the FDIC at 1-800-517-1843 or on line at http://www.fdic. gov/bank/individual/failed/ citizens-teague.html