CSB acquires Burton
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, “We are excited about the acquisition of Burton State Bank and the opportunities for growth it will provide for their customers and employees. 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.”
CSB Chairman Ben Flencher added, “We are proud to have the BSB staff join the CSB family and have the opportunity to serve the Burton community with its banking needs. I feel their customer base is much like ours, and our commitment to Burton will be beneficial to everyone in their market. Many positive things are happening in Burton, and we expect this banking merger to add to the list.”
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.
Linda Blacklock, President and CEO of Burton State Bank added, “Burton State Bank has always been committed to providing professional, friendly banking service. Joining the CSB family will allow our staff to spend more time focusing on the individual needs of our customers while also improving upon the products and services we currently offer. Our customers will still be able to work with the same people they have come to know and trust but will also benefit from the flexibility of additional bank locations and services.”
E.J. Muehlbrad, who currently serves as Chairman of the Board for Burton Bancshares, Inc., and who has been associated with Burton State Bank for more than 55 years, said, “The banking industry has changed so much during these past years and it has become increasingly difficult for a Bank of our size to comply with all of the regulatory, information technology, and cyber security requirements. The Agreement with CSB Bancshares, Inc. allows our employees to focus on providing customer service at the highest level.” .