Bailout Bank Bio: First Citizens Banc Corp

May 18, 2009 | 2 min read | Print Article

First Citizens Banc Corp. (FCBC) is a financial holding company. Though its subsidiaries, the Company is engaged in the business of community banking. The subsidiaries of the Company are The Citizens Banking Company (Citizens), SCC Resources Inc. (SCC), First Citizen Insurance Agency Inc (Insurance Agency), Water Street Properties (Water St.), Champaign Investment Company (CIC) and First Citizens Investments, Inc (FCI). Citizens is an insured bank under the Federal Deposit Insurance Act. SCC provides item-processing services for financial institutions, including Citizens, and other nonrelated entities. Insurance Agency was formed to allow the Company to participate in commission revenue generated through its third party insurance agreement. Water St. was formed to hold properties repossessed by FCBC subsidiaries. CIC is licensed as a fully disclosed broker and dealer in securities. FCI was formed as a wholly owned subsidiary of Citizens to hold and manage its securities portfolio. The company was founded in 1884 and is based in Sandusky, Ohio.

In January the company announced that it was participating in the Treasury Department’s Capital Purchase Program. Under the program the company received $23.2 million in exchange for preferred stock.

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Bailout Bank Bio: First Citizens Banc Corp


Federal Equity Investment	$23.2 million
Total Revenue	$72.1 million (2008) $57.8 million (2007)
Net Income	$39 million (2008) $6.9 million (2007)
Number of Employees	300 (subsidiary companies)
Corporate Headquarters	Sandusky, Ohio
Business Sector	Bank
Officers and Directors	Miller, James, President, Chief Executive Officer, Director; President and CEO of the Citizens Banking Co. Voight, David, Chairman of the Board Other Officers and Directors
Corporate Website	https://www.fcza.com
Executive Compensation	First Citizens Banc Corp