Citizens Bancorporation holds annual meeting
NEW ULM — Citizens Bancorporation of New Ulm, Inc., parent company of Citizens Bank Minnesota, held its annual meeting on January 15. Citizens Bancorporation is owned by approximately 400 shareholders from New Ulm and the surrounding area.
Re-elected to three-year terms were incumbent directors Dustan Cross, Mark Denn and Jim Schuetzle. Other directors not up for election include Bryon Christensen, Lou Geistfeld, Al Holm, Walt Luneburg, Ted Marti and Jim Schuetzle. Dustan Cross was re-elected to serve as Chairman of the Board. Also appointed to the Board for a three-year term was Senior Vice President and Chief Credit Officer Tim Hoscheit.
Stockholders in attendance were provided with a complete review of the financial performance of the bank for 2018. Highlights of the financial report were that the bank has grown to over $417 million in assets, has total equity capital of $41,227,000 and a net profit in 2018 of $3,075,402. Dividends paid to stockholders in 2018 totaled $0.84 per share.
Citizens Bank Minnesota was chartered in 1876 with its head office in New Ulm and branches in Lafayette, La Salle and Lakeville.