History
Established in 1938 as a state-chartered credit union, Citizens Community Federal is grounded in a history of dedicated individualized service to its members.
In the mid-1990s, Citizens took steps to become a federally chartered credit union. In 2001 as part of a strategy to pursue growth, Citizens members voted overwhelmingly to convert its charter to become a mutual savings bank. Such a change fueled marked growth and led to a far stronger financial institution.
In 2004, Citizens' members voted to approve a corporate restructuring which converted Citizens from a federal mutual savings bank to a federal mutual holding company form of ownership. As part of the restructuring, Citizens' members also approved a minority stock offering and the establishment of the bank's first employee stock ownership plan (ESOP).
In a recent survey, an overwhelming number of customers (91.8%) said that efforts to grow Citizens Community Federal would make it a more desirable place to do their banking. That is reassuring because growth is where we're heading and members are the reasons we're heading there.
Growth
We firmly believe growth is a critical component for assuring our customers that Citizens Community Federal will remain a strong and responsive financial institution for many years to come.
Clearly, Citizens Community Federal is
a stronger financial institution thanks to recent growth. We have opened new branches. Our CD rates
continue to be among the highest in the area. And our loan volume
including
our popular indirect paper program, ONE Sourcetm
- continues
to set records.
Going forward,
Citizens will actively seek to forge partnerships with
mutually-structured financial institutions, commercial banks and retail
bankspartnerships that will
leverage Citizens' strengths in areas such as information technology,
consumer lending, compliance and employee benefits.
