NEW?ULM - Citizens Bancorporation of New Ulm, Inc., parent company of Citizens Bank Minnesota, held its annual meeting on Tuesday, January 11.
Citizens Bancorporation is owned by approximately 350 shareholders from the New Ulm and surrounding area.
Re-elected to three-year terms were incumbent directors Lou Geistfeld, Robert Hinnenthal and Ted Marti. Other directors not up for election include Board Chairman Mark Furth, Bill Brennan, Walt Luneburg, Leo Marti, Jim Schuetzle and C. Thomas Wilson.
Stockholders in attendance were provided with a complete review of the financial performance of the bank for 2010. Highlights of the financial report were that the bank has grown to over $298 million in assets, has total equity capital of $29,869,000, and a net profit in 2010 of $2,091,608.
Dividends paid to stockholders in 2010 totaled $2.80 per share. Citizens Bank Minnesota was chartered in 1876 and is observing its 135th year of operation. It has offices in New Ulm, Lafayette, La Salle and Lakeville.