Galva's Community State Bank expands with First State Bank acquisition

Staff report
·2 min read

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

Financial terms of the transaction were not disclosed. As of December 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 emphasized 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, businesses, and the agriculture community.

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

Pam Turner, President of Citizens First State Bank, said she is pleased to see the merger progress noting,

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

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

ProBank Austin acted as financial adviser to CSB Financial Holdings, Inc. while Lane & Waterman, LLP served as legal counsel. Hinshaw & Culbertson LLP served as legal counsel to Citizens Bancshares, Inc.

This article originally appeared on Star Courier: Galva's Community State Bank expands with First State Bank acquisition