Community Financial Bank to Merge Into and Under Citizens State Bank
Citizens State Bank’s holding company has purchased Community Financial Bank and will merge the two institutions under the Citizens State Bank name in early May. The merger will increase Citizens State Bank’s assets to approximately $220 million and bring their branch locations total to seven.
“Both the Citizens State Bank and Community Financial Bank teams have worked diligently through the approval process and in preparation for the consummation of merging the data and systems in May,” said Tim Cruciani, president and CEO of Citizens State Bank. “The teams have worked through these processes with a shared end goal of continuing to serve all customers well through our relationship approach. Both banks share a passion for our customers, communities, and team members.”
Chartered in 1902, Citizens State Bank has been a staple in the Chippewa Valley. Citizens State Bank is headquartered in Cadott with branch locations in Chippewa Falls, Lake Wissota, Cornell, and Stanley. With this purchase, after the merger, these locations will include the current Prentice and Stratford locations of Community Financial Bank.
Tim Pritzl, president and CEO of Community Financial Bank, says, “The Community Financial Bank Team looks forward to becoming Citizens State Bank and remaining a community bank. This purchase and merger will allow for the enhancement of our ability to serve our customers with a more robust reach, quality products, and people-focused service models. Our team members are excited about joining Citizens State Bank and the opportunity it presents to them as employees and to grow their careers!”
The transaction has been approved by the Board of Directors of both banks and by state and federal regulators as required.