NEW ULM — Citizens Bank Minnesota announced an agreement to acquire Farmers State Bank of Watkin.

Farmers State Bank will merge with and into Citizens Bank Minnesota.

The transaction is subject to approval by the Federal Deposit Insurance Corporation (FDIC) and the Minnesota Department of Commerce.

In addition to the merger, Citizens Bancorporation of New Ulm, Inc., parent company of Citizens Bank Minnesota, has agreed to purchase Farmers State Agency of Watkins, Inc., an insurance agency.

An April 2020 closing date is expected for both acquisitions.

Citizens Bank Minnesota is community-owned and operated. Chartered in 1876, it is one of the oldest banks in Minnesota with total assets of $430 million. Citizens main office is in New Ulm, with branch offices in Lafayette, La Salle and Lakeville.

Citizens Agency is an independent insurance agency representing more than 20 companies with a full line of insurance products and services.

Citizens is known for its energetic community involvement and support for growth and success in the areas it serves. The bank takes pride in being community-owned with stock widely held by residents of the area.

Bauer Financial, an independent bank research firm, has consistently rated Citizens a five-star institution for the past 30 years.

In 2019 Citizens was named New Ulm’s Large business of the year and New Ulm Journal’s Reader’s Choice Award for Best Financial Institution.

For more information, visit www.citizensmn.bank.

Farmers State Bank of Watkins was founded in 1914 and has been providing financial services to Watkins and the surrounding area for over 100 years.

The existing staff of Farmers State Bank of Watkins and Agency will continue providing the same quality service for clients, with added benefits of Citizens WooHoo! Banking products, enhanced technology and more to come.

“We are excited to be joining with Citizens and believe the transaction will enhance our ability to serve the banking needs of our Watkins customers,” said David Neisen, President of Farmers State Bank of Watkins.

“We are excited for Watkins to join the Citizens team and believe they will be a great fit with our culture, which is essential to our continued success,” said Mark Denn, President and CEO of Citizens Bank Minnesota. “All of our locations are high performing and committed to the customers and communities they serve. We are honored for this opportunity and ready to move forward together and have some fun.”

Dustan Cross, Chairman of Citizens Board of Directors states, “The Board of Directors and the shareholders are proud of the hard work and due diligence undertaken by our bank’s management team to bring this merger together. We believe this acquisition will continue our Bank’s long-term strategic goal of smart and sustainable growth to ensure that Citizens Bank Minnesota remains a premier source of financing and other products for all of its customers.”