PRINCETON – Federal banking regulators designated Citizens First National Bank as a failed bank Friday afternoon, ending its business and selling its assets.

Citizens Bank customers can access their money by writing checks or using ATM or debit cards. All checks drawn on the bank will be honored, the Federal Deposit Insurance Corp. said, and all loan customers should continue to make their payments as usual. Rates on loans secured through Citizens Bank will not change.

Citizens First National Bank was based in Princeton, with 21 branches in 17 communities including Genoa, Sandwich and Somonauk, and about 300 employees.