Community State Bank set to acquire Citizens First State Bank; will continue to operate Walnut office

CSB Financial Holdings Inc, the parent company of Community State Bank, has signed a definitive agreement to acquire Citizens Bancshares Inc, the holding company of Citizens First State Bank.

Financial terms of the transaction were not disclosed, but as of Dec. 31, 2021, Community State bank had assets of $268 million and Citizens First State Bank had assets of $56 Million.

After the merger, Citizens First State Bank’s office in Walnut will operate as an office of Community State Bank. After the transaction is finalized, Community State Bank will operate offices in Galva, Neponset, Kewanee, Franklin and Walnut.

Community State Bank President Tim Nimrick stated that the Walnut bank office will continue to operate in the spirit of community banking where decisions are made by people who understand the needs of local families, business and the agriculture community.

“Citizens First State Bank is built upon the same service and commitment to community banking as Community State Bank,” Nimrick said. “We are like-minded organizations that will be stronger together. Citizens First State Bank customers can look forward to the same quality and local service from the entire CFSB staff.”

The transaction is subject to regulatory approval and other customary closing conditions and is expected to close in the third quarter of 2022.

“Community state bank was the right fit to ensure that our customers can continue to count on us as the trustworthy and solid financial partner we have been for 100 years,” President of Citizens First State Bank Pam Turner said. “Banking continues to evolve and change and this merger ensures that our commitment to our community will remain.”