Citizens State bank to open reading branch
Russ Morgan, The Emporia Gazette
Thursday, September 29, 2011
The city of Reading is getting a new bank.
Residents of the town learned Tuesday evening that the Citizens State Bank, based in Woodbine, would be moving into the building previously occupied by the Tightwad Bank, which recently announced plans to move to Merriam instead of returning to its original location.
The Tightwad Bank was forced to move temporarily to Osage City after the May 21 tornado in Reading and decided, at first, not to return to the community. After filing applications to move to Merriam, Tightwad officials expressed an interest in returning to Reading, but were turned down by city officials, who were already talking to other interested parties.
Jaret Moyer, who sits on the Citizens State Bank board along with his father, Cy, and brothers Bryant and Clinton, attended Tuesday’s meeting and said he is excited to bring his family-owned bank to town.
“I was approached by some people that lived in the community who made me aware that there would possibly be an opportunity in Reading, with the existing bank moving out of the town,” Moyer said. “It’s a community that fits with our model. That’s the size of community our banks are in.”
In addition to Woodbine in Dickinson County, the Citizens State Bank also operates a branch in Bremen in Marshall County, and soon will add Reading to its portfolio. Moyer said after the application process and all legal necessities are taken care of, he hopes to have the Reading branch open by the middle of November. The property previously occupied by Tightwad is now owned by the city, and will be leased with the possibility of purchase.
One concern among Reading residents was the consideration the new bank would show to former employees of the Tightwad.
“We’re most definitely interested in any people in the community of Reading with prior banking experience,” Moyer said. Initially, he says the bank will probably employee two or three people.
The important thing about his business, Moyer said, is that it exists to support its community, and likewise the community supports its bank.
“That’s something I believe very strongly in,” he said. “I really think that it’s a two-way street, that a bank has to be an active part of its community for the community to be active in the bank. I think in a lot of areas, that continues to be overlooked, but I still think it’s a strong part of being a bank in a community like Reading or even a larger community like Emporia.”
Moyer said he’s heard from Reading residents that there needs to be more support for agriculture, business and home loans, particularly as the city struggles in its tornado recovery efforts.
“The small communities we’re involved in, agriculture is a really important part of that, and from inquiries we’ve made, there’s a real need for agricultural loans as well as commercial and individual loans to people,” he said.