NEW ULM — Citizens Bank Minnesota announced an agreement to acquire Ormsby State Bank in Ormsby.

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

The transaction is subject to approval by the FDIC and the Minnesota Department of Commerce.

A January 2021 closing date is expected.

Citizens Bank Minnesota is community-owned and operated with over 144 years in the business. Chartered in 1876, it is one of the oldest banks in Minnesota with total assets of $535 million.

Citizens’ main office is in New Ulm, with branch offices in Lafayette, La Salle, Lakeville and Watkins.

Citizens is known for its community involvement. Stock is 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. For more information, visit www.citizensmn.bank.

Ormsby State Bank was founded in 1901 and has provided financial services to Ormsby and the surrounding area for over 119 years, with the last 46 years by the Neisen family. The existing staff of Ormsby State Bank will continue providing service, with added benefits of Citizens WooHoo! banking products, enhanced technology and more.

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

“We are excited for Ormsby 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 said, “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.”