Citizens State Bank to acquire Community Financial Bank

Citizens State Bank in Cadott has reached an agreement to merge with Community Financial Bank of Stratford and Prentice, expanding Citizens State Bank’s reach to the east as well as increasing its branch total to seven.

The two institutions will merge under the Citizens State Bank name. The deal increases Citizens State Bank’s assets to approximately $220 million.

“We are very excited about our expansion into these new markets,” said Tim Cruciani, president and CEO of Citizens State Bank. “Our team is ready to welcome our new customers and team members to Citizens State Bank.”

“We were founded on and remain rooted in people. Community Financial Bank embraces similar values and we look forward to sharing our customer/team centric approach to banking with them and the communities they serve.”

Chartered in 1902, Citizens State Bank has been a staple in the Chippewa Valley, which makes Tim Pritzl, president of Community Financial Bank, excited for the merger.

“I have spent my tenure at Community Financial focused on our people, our customers and the community,” Pritzl 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 of both banks and requires approval by state and federal regulators. Citizens State Bank expects to close the deal in the first quarter of 2023.