Citizens State Bank

What Citizens State Bank does

Citizens State Bank is a fourth-generation, family-owned community bank headquartered in New Castle, Indiana, founded in 1873 and operating nine full-service banking centers across Central Indiana (Carmel, Fishers, Hartford City, Knightstown, New Castle, Pendleton, Rushville, Union City). The institution serves individuals, families, small and mid-sized businesses, and agricultural customers with a balanced product set spanning personal checking and savings, consumer and mortgage lending, commercial real estate and operating lines, SBA lending, agricultural financing, treasury management, and Visa debit/credit cards. Technology delivery centers on a Digital Banking Suite (launched August 2021) comprising a mobile app with biometric authentication, online banking portal, digital bill pay, Zelle P2P payments, digital card controls, eStatements, QuickBooks file export, and Autobooks business invoicing; credit card origination is powered through an MK Decision partnership.

Revenue is generated primarily through net interest income on the loan portfolio (mortgages, consumer, auto, commercial real estate, operating lines, agricultural), supplemented by deposit account and ATM fees, credit card interchange and revolving-balance interest, treasury management service fees, mortgage origination and servicing revenue, and ancillary service fees (safe deposit, wire, notary). Distribution combines branch-based consultative relationship management for commercial and mortgage customers with self-serve digital onboarding, supported by community-led marketing through a Financial Wellness Blog, organic social media presence, ICBA and IBA industry partnerships, and local sponsorships.

The bank holds FDIC membership, is an SBA-recognized community lender (Bronze Community Lender Award, Super Star SBA 504 Lender), and is a Five Star Member of the Indiana Bankers Association (2022-2025) and a Newsweek America's Best Regional Bank (2024, top 5% nationally, four-star rating). The Senior leadership includes Chairman/CEO J. Daniel Maddox (also an FHLBank Indianapolis Board Member Director), President Kirby Purciful, and a senior team with multi-decade tenures spanning lending, treasury, compliance, operations, IT, and HR; total employment is approximately 150 across all locations.

Name

Citizens State Bank

Legal name

Citizens State Bank

Website

https://mycsbin.com

Company type

Private

Founded year

1873

Operating status

Operating

Headcount range

51–100 employees

Short description

Citizens State Bank is a fourth-generation, family-owned Indiana community bank founded in 1873, operating nine Central Indiana branches and serving individuals, families, small and mid-sized businesses, and agricultural customers with deposit, lending, mortgage, treasury management, and digital banking services.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Commercial Banking (522110)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

Keywords

• Community banking services
• Personal banking products
• Commercial lending solutions
• Agricultural lending services
• Digital banking platform

Headquarters

HQ city

New Castle

HQ country

United States

HQ region

North America

Offices11 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Lending: Primary revenue from interest earned on loans including mortgages, consumer loans, auto loans, commercial real estate loans, operating lines of credit, and agricultural lending
2. Deposit Account Fees and Charges: Revenue from overdraft fees, ATM fees, wire transfer fees, and other account service charges
3. Credit Card Revenue: Income from Visa credit card transactions, including interchange fees and interest charges on revolving balances
4. Treasury Management Services: Fees for business banking services including ACH payments, remote deposit capture, cash management, and payroll processing
5. Mortgage Origination and Servicing: Revenue from mortgage loan origination, servicing fees, and related mortgage banking activities
6. Other Banking Services: Revenue from safe deposit boxes, notary services, wire transfers, and other ancillary banking services

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels10 records

Core offering

Citizens State Bank is a community bank providing personal and business banking products and services through nine Central Indiana branches and a full digital banking platform. Core offerings include personal checking and savings accounts, consumer loans, auto loans and mortgages, business checking and treasury management, commercial real estate and operating line loans, SBA and agricultural lending, Visa debit and credit cards, and digital tools such as mobile banking, Zelle, bill pay, and digital card controls.

Product overview

Citizens State Bank is a community bank offering a comprehensive suite of personal and business banking products through a platform-plus-modules architecture. The core offerings include personal checking, savings, consumer loans, auto loans, and mortgage loans for consumers, and business checking, treasury management services, business lending services, and specialty financing for business customers. The Digital Banking Suite serves as the primary digital platform for all customer segments, providing online and mobile banking with features including bill pay, Zelle P2P payments, digital card controls, eStatements, and QuickBooks integration. Credit products include Visa debit and credit cards with fraud protection and rewards. The bank also offers specialized programs like Citizens Womens Connection for women-owned businesses and mortgage protection insurance through vendor partnerships.

Differentiator

Problem solved

Functional benefit

Brands

• Citizens Womens Connection (CWC): A community-focused initiative by the bank serving women in the communities they operate in.

Products and services

• Personal Checking Personal checking account with features including digital banking access, debit card, direct deposit, and bill pay capabilities.
• Personal Savings Personal savings account for depositing funds and earning interest, accessible through digital and in-person banking.
• Consumer Loans Personal consumer loans for various needs including debt consolidation, home improvements, and major purchases.
• Auto Loans Financing solutions for purchasing new or used vehicles.
• Mortgage Loans Home mortgage financing including purchase mortgages, refinancing, and home equity options.
• Visa Credit Card Visa credit card with no application fee, competitive rates, no balance transfer fee with 6 months interest-free, Falcon Fraud Detection, Zero Liability protection, ScoreCard Rewards program, and contactless payment.
• Digital Banking Suite Comprehensive online and mobile banking platform providing account management, customizable dashboard, transaction viewing, bill pay, P2P payments via Zelle, card controls, eStatements, security alerts, and QuickBooks integration for business customers.
• Business Checking Business checking account with features designed for business banking needs including digital services access.
• Business Digital Services Digital banking tools for business customers including online banking, mobile app, and account management features.
• Treasury Management Services Cash management and treasury services for business clients including ACH payments, remote deposit capture, payroll processing, and cash flow optimization.
• Business Lending Services Commercial lending solutions including commercial real estate loans, operating lines of credit, SBA loans, and agricultural lending.
• Specialty Financing Specialized financing options for unique business or personal banking needs.
• Citizens Womens Connection (CWC) Financial wellness and community program designed for women, providing resources, networking, and support for women-owned businesses and female customers.

Quantifiable outcome

• Top 5% ranking among banks nationwide based on Newsweek analysis
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration15 records

Feature8 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Independent Community Bankers of America (ICBA)coreStrategic or Co-development Partner · 19 June 2024Strategic partnership for consumer education campaigns including elder financial abuse prevention, anti-phishing awareness (#BanksNeverAskThat), safe travel tips, and homebuying guidance. CSB participates in ICBA national initiatives.
• Vision CornerminorGTM or Marketing Partner · 25 January 2023Corporate sponsorship of Vision Corner project - a collaboration between Union City and Randolph Eastern School Corporation focused on economic development and downtown revitalization. Part of 150th anniversary celebration commitment to increase community project participation.
• Indiana Community Business Credit CorpcoreStrategic or Co-development Partner · 1 June 2021Citizens State Bank joined Indiana Community Business Credit Corp as a member, enabling support for community development and small business lending initiatives in Indiana
• MK DecisioncoreTechnology or Integration · 22 September 2020Partnership to power digital credit card origination for Indiana customers, enabling online and mobile credit card application processing through MK Decision's digital lending platform
• Independent Community Bankers of America (ICBA)coreStrategic or Co-development PartnerICBA membership providing advocacy, professional education, and resources for community banking. CSB participates in national consumer education campaigns and industry advocacy efforts.
• Indiana Bankers AssociationcoreStrategic or Co-development PartnerIBA membership with active participation in legislative committees, political awareness initiatives, and recognition as Five Star Member. CEO serves on IBA Board of Directors.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Old National Bank: Indiana-headquartered regional bank with extensive commercial, retail, and wealth management products across multiple states. Comparable in Indiana market presence but significantly larger scale and broader geographic footprint.
• First Financial Bank: Ohio and Indiana-headquartered regional bank offering commercial, consumer, and wealth banking with significantly larger scale. Comparable in product offerings but operates as a broader incumbent across the Midwest.
• First Merchants Bank: Indiana-headquartered commercial bank with similar full-service personal and business banking, SBA lending, and treasury management offerings. Comparable as an in-state competitor with broader scale across Indiana, Ohio, and Illinois.

Direct peers

• Salin Bank: Indiana-based community bank offering commercial, consumer, and mortgage banking with comparable relationship-led model. Direct in-state peer with overlapping product suite and similar size.
• STAR Financial Bank: Indiana-based community bank serving Central and Northern Indiana with similar personal, business, and wealth management offerings. Comparable in scale, family-owned positioning, and SBA lending focus.
• Centier Bank: Indiana-headquartered family-owned community bank with personal/business banking, mortgage, and wealth services. Closely comparable in family-owned, community-led model and Indiana market focus.
• MutualBank: Indiana-headquartered community bank offering personal, business, and mortgage banking services. Comparable community bank peer operating in Central Indiana with similar product breadth.
• Lake City Bank: Indiana-based community bank serving similar personal and business banking customers across Northern Indiana with comparable relationship banking model and SBA lending focus. Closest direct competitor in terms of community-led positioning and product mix.
• Horizon Bank: Indiana and Michigan community bank offering personal, business, and mortgage banking with similar community-focused positioning and comparable size. Direct regional peer with overlapping commercial and consumer lending products.

Regional players

• Greenfield Banking Company: Indiana community bank serving the Indianapolis metro and surrounding areas with similar personal and business banking offerings. Comparable as a regional Indiana peer with community-led positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/CSB_Indiana
• Facebookfacebook.com/csbank
• LinkedInlinkedin.com/company/citizens-state-bank-indiana
• Instagraminstagram.com/mycsbin

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles25 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Citizens State Bank