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Posted: 5:26 PM Dec 8, 2008
Freeport Gets A New Bank
Citizens State Bank opens a new office in Freeport. A look at why local community banks are doing well amidst tough times.
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The country is in a recession? Apparently no one told the Lena-based Citizens State Bank because their business is expanding. With major banks across the country scrambling to manage their own finances many of their customers are switching to smaller banks.
Bank manager Mindy Borgmann says "I think our actual customer base which has been in Lena and Stockton have been waiting for us to do this branch."
Citizens State Bank President Fritz Kuhlmeyer says "The community banks did not participate for the most part in the sub-prime lending and some of the crazy things that were going on and thus we don't have the problems nagging us that the big banks have."
The Freeport branch opened on December 1 and already half of their accounts belong to people in Freeport. Mayor George Gaulrapp says its important to see income producing businesses in his city. He says "Getting more companies like this one here to come to Freeport and expand will keep us above the curve."
Gaulrapp says Freeport has been sheltered from the economic storm for the most part and the chamber of commerce has been busy.
"In Freeport, just the last three or four months, even at a tough economical time we've done a lot of ribbon cuttings." says Freeport Chamber of Commerce CEO and President Kim Grimes.
The new branch brings about ten new jobs to the city.
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