FDIC Asked Citizen Trust Bank To Secure 65mn Dollars in USDC

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Citizen Trust Bank

The Atlanta based bank entered the union of federal reserves in 1947. They are now a minority based bank operating to help the community. 

The Citizen Trust Bank is a minority-owned institution that falls under the FDIC. The bank recently had signed a settlement with the Circle crypto firm to keep some of the reserves of the bank in USD cryptocurrency

This has been a great move and has been widely appreciated by the experts as this is expected to increase the literacy about cryptocurrency in the Atlanta area.

Circle announced on 24th February that the Citizen Trust Bank will be getting 65m dollars in USDC as a part of their tie up. 

This time up between the two organizations will allow the bank to help small businesses with these capitals and will be used for other needs as well.

Citizen Trust Bank Will Keep 65m Dollars In USDC:

As per the Citizen Trust Bank CEO, this decision will help to improve the balance sheets of their bank. 

Citizen Trust Bank is a minority-based financial institution. This means that the board of directors of the bank is filled with people from the minority community. 

The bank joined the Federal Reserve System in 1947. The bank got an increase in their deposits with 220mn dollars in 2020 and in 2021. The bank funded one hundred and fifty-seven million dollars in commercial and mortgage loans. So overall their performance is incredibly good so far in recent years. 

Citizen Trust Bank is not the only bank that changed its capital reserves to crypto. Customer Bank, Bank of New York Mellon, Silicon Valley Bank, Silvergate Bank, New York Community Bank and others have also changed the capital to USDC.