NEW ULM — Citizens Bancorporation of New Ulm, Inc., parent company of Citizens Bank Minnesota, held its Annual Meeting on Tuesday, January 14, 2020. Citizens Bancorporation is owned by approximately 400 shareholders from New Ulm and the surrounding area.

Re-elected to three-year terms were incumbent directors Lou Geistfeld, Tim Hoscheit & Ted Marti. Other directors not up for election include Bryon Christenson, Dustan Cross, Mark Denn, Al Holm, Walt Luneburg and Jim Schuetzle. Dustan Cross was re-elected to serve as Chairman of the Board.

Stockholders in attendance were provided with a complete review of the financial performance of the bank for 2019. Highlights of the financial report were that the bank has grown to over $432 million in assets, has total equity capital of $44,198,000 and a net profit in 2019 of $3,077,090. Dividends paid to stockholders in 2019 totaled $0.88 per share.

Citizens Bank Minnesota was chartered in 1876 with its head office in New Ulm and branches in Lafayette, La Salle, and Lakeville.