Sac City, IA (KICD)– For the first time in more than a decade the Iowa Division of Banking has closed a financial institution.

Citizens Bank of Sac City was declared insolvent last week after examiners identified significant loan losses that had not been reported by the financial institution.

At the time of its closure, Citizens Bank reported more than 65.5 million dollars in total assets and 58.9 million in deposits.

The former main office and drive-up reopened Monday as a brand of Iowa Trust and Savings of Emmetsburg after that institution purchased all consumer business and public deposits as a protection to depositors.