Citizens State Bank to acquire Community Financial Bank
The Cadott-based bank will add locations in Prentice and Stratford once the transaction is finalized.
CADOTT, Wis. (WEAU) - Citizens State Bank is set to acquire Community Financial Bank, with the deal expected to close in early 2023.
According to a release, the acquisition will grow Citizens State Bank’s assets to $220 million and provide two new branch locations in Prentice and Stratford, increasing the total number of branch locations to seven.
“We are very excited about our expansion into these new markets,” Tim Cruciani, President and CEO of Citizens State Bank, said. “Community Financial Bank embraces similar values [to Citizens State Bank], and we look forward to sharing our customer/team centric approach to banking with them and the communities they serve.”
“I have spent my tenure at Community Financial focused on our people, our customers, and the community,” Tim Pritzl, President of Community Financial Bank, said. “It’s clear that Citizens State Bank has been doing the same for over 100 years, and we look forward to being a part of that legacy and continued growth moving forward.”
The transaction has been approved by the board of directors for both banks, but still requires approval from state and federal regulators.
Citizens State Bank was founded in 1902 and has five branch locations in Chippewa Falls, Cadott, Stanley, Cornell and Lake Wissota. There is a drive-up location also located in Cadott near the interchange of Highway 29 and Highway 27.
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