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Citizens holds annual meeting

NEW ULM — Citizens Bancorporation of New Ulm, Inc., parent company of Citizens Bank Minnesota, held its annual meeting on Tuesday, January 12. Citizens Bancorporation is owned by approximately 420 shareholders from New Ulm and the surrounding area. Re-elected to three-year terms were incumbent directors, Bryon Christenson, Al Holm and Walt Luneburg. Other directors not up for election include Dustan Cross, Mark Denn, Lou Geistfeld, Jake Holm, Tim Hoscheit and Kyle Marti. Dustan Cross was re-elected to serve as chairman of the board.

Stockholders in attendance via WebEx were provided with a complete review of the financial performance of the bank for 2020. Highlights of the financial report were that the bank has grown to over $534 million in assets, has total equity capital of $50,343,356 and a net profit in 2020 of $4,893,969. Citizens Bancorporation of New Ulm, Inc., paid dividends to stockholders in 2020 totaling $0.90 per share. Citizens Bank Minnesota was chartered in 1876 with its head office in New Ulm and branches in Lafayette, La Salle, Lakeville and Watkins.

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