NEW ULM - Citizens Bancorporation of New Ulm, Inc., parent company of Citizens Bank Minnesota, held its annual meeting on Tuesday, January 14.
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, Bryon Christensen, Walt Luneburg, Jim Schuetzle and C. Thomas Wilson.
Stockholders in attendance were provided with a complete review of the financial performance of the bank for 2013. Highlights of the financial report were that the bank has grown to over $344 million in assets, has total equity capital of $35,802,000, and a net profit in 2013 of $3,105,279.
In June of 2013 Citizens Bancorporation's common stock split five for one. Dividends paid to stockholders in 2013 totaled $0.64 per share.
Citizens Bank Minnesota was chartered in 1876 and has offices in New Ulm, Lafayette, La Salle and Lakeville.