NEW ULM - Citizens Bancorporation of New Ulm, Inc., parent company of Citizens Bank Minnesota, held its annual meeting on Tuesday, Jan. 15.
Citizens Bancorporation is owned by approximately 350 shareholders from the New Ulm and surrounding area.
Re-elected to three-year terms were incumbent directors Bill Brennan, Jim Schuetzle and C. Thomas Wilson. Other directors are Board Chairman Mark Furth, Lou Geistfeld, Robert Hinnenthal, Walt Luneburg, Leo Marti and Ted Marti.
Stockholders in attendance were provided with a complete review of the financial performance of the bank for 2012. Highlights of the financial report were that the bank has grown to more than $338 million in assets, has total equity capital of $35,325,000, and a net profit in 2012 of $3,326,899. Dividends paid to stockholders in 2012 totaled $3 per share.
Citizens Bank Minnesota was chartered in 1876 and has offices in New Ulm, Lafayette, La Salle and Lakeville.