Citizens State Bank has recently added six new locations as the result of a merger with Pacesetter Bank, based in Hartford City. Citizens State Bank and Pacesetter Bank have been owned by the Maddox family since 1968 and have been operated separately since that time. The merging of charters became official on Saturday, Sept. 21.
The combined entity will retain the name Citizens State Bank, which holds Indiana bank charter #3 dating back to 1873. The merger adds Blackford, Jay and Randolph Counties to the bank’s footprint which already had locations in Rush, Henry and Madison Counties.
“This is a strategic move that benefits the organization and benefits customers,” said Dan Maddox, who represents the fourth generation of Maddox ownership of the bank and is the company’s chief operating officer. “It allows us to compete for business with a unified front instead of two different, smaller banks. It also improves our capital base and increases our lending limits, which will definitely help our business and agricultural customers.”
Citizens State Bank is a full-service community bank with personal and business banking services, plus a Trust department and investment services. Citizens State Bank can be reached at 888-529-5450 or in the Rushville office at 765-932-3288.