Citizen State Bank continues to expand, adding another branch.
Last week, it was jointly announced that CSB Bancshares and Burton Bancshares agreed on a merger of Burton State Bank into Citizen’s State Bank. Both expect the transition to be completed quickly once approvals are set, and closing conditions reached. The whole transaction is expected to be complete by later this year.
The transaction means tat Burton State Bank becomes the seventh branch of Citizen’s State Bank. CSB has been in business since 1925, and has around $840 million in total assets. Burton State Bank, meanwhile, was founded in 1906, and contains about $85 million in assets.
CSB Bancshares Inc. and Burton Bancshares Inc. jointly announce that an agreement for the merger of Burton State Bank into Citizens State Bank was signed last week by the Boards of Directors of both entities.
Citizens State Bank and Burton State Bank expect the transaction to be completed promptly once the necessary regulatory approvals have been obtained and all closing conditions have been satisfied. The transaction is expected to close before the end of the year. Upon completion of the transaction, Burton State Bank will become the seventh branch of Citizens State Bank.
Aaron Flencher, President and CEO of Citizens State Bank said, “The infrastructure and culture that has been built at Citizens State Bank will enable customers to access an expanded product offering and newer technology. Customers will still receive the quality customer service and local decision making they have become accustomed to at Burton State Bank.”
