CITIZENS STATE BANK TO ACQUIRE BURTON STATE BANK
BURTON STATE BANK TO BECOME SEVENTH BRANCH OF CITIZENS STATE BANK
Citizens State Bank and Burton State Bank have entered into a merger agreement.
(courtesy photo)
According to a press release issued this (Monday) morning, Citizens State Bank will acquire Burton State Bank after the Boards of Directors of both entities signed the merger agreement last week.
The two banks expect the transaction to be completed once they have obtained all necessary regulatory approvals and satisfied all closing conditions. The transaction is expected to close before the end of the year.
With this merger, Burton State Bank will become the seventh branch of Citizens State Bank.
Citizens State Bank President and CEO Aaron Flencher said the bank is “excited about the acquisition of Burton State Bank and the opportunities for growth it will provide for their customers and employees.”
Citizens State Bank Board Chairman Ben Flencher said it is “proud to have the BSB staff join the CSB family and have the opportunity to serve the Burton community with its banking needs.”
Citizens State Bank was chartered in 1925 and has approximately $840 million in total assets, while Burton State Bank has been in business since 1906 and currently has $85 million in total assets.
Burton State Bank President and CEO Linda Blacklock said this merger will provide flexibility with additional bank locations, and will allow its staff to “spend more time focusing on the individual needs of our customers while also improving upon the products and services we currently offer.”
Burton State Bank Board Chairman E.J. Muehlbrad said banking industry changes have made it “increasingly difficult for a bank of our size to comply with all of the regulatory, information technology, and cybersecurity requirements.” He said this agreement will allow its employees to “focus on providing customer service at the highest level.”