CITIZENS BANK

Citizens State Bank was first located at 5001 Excelsior Blvd. It opened for business on January 16, 1950 with six employees. The Open House was held on January 20, 1950, and featured Corine Nehrman, “Miss Lucia of the Upper Midwest.”

The bank’s first President was G.S. Evarts, and Vice President was C.T. Holberg. While Evarts had an extensive banking background, Holberg had been the successful owner and operator of the Acme Window Cleaning Company since 1918.

It was the first local bank since the initial failure of the St. Louis Park Bank in 1915, and was advertised as "independent and home owned." It was initially capitalized at $150,000. On the first day it had deposits of $20,000; in 1955 deposits were $5 million. It was the first bank in the Twin City area with drive-in service.

In 1955 there were 25 employees. Allen Burrill was the President.

C.T. Holberg became President in 1957.

In 1960 the bank celebrated its 10th anniversary with 42 employees, 1,100 safe deposit boxes, and a capitalization of $450,000. 

The bank was moved to its new building across the street in August 1973. They say Holberg died from a heart attack from the stress of the move. The new address was 5050 Excelsior Blvd.

In April 1975, Lawrence Hague from Stillwater bought the majority stock of the bank. Hague was not a banker but was taking courses to catch up.

In 1979-80, the bank was purchased by Connie Bakken, ex-wife of Medtronic co-founder Earl Bakken. In 1989 the building was sold to Park Nicollet, with Citizens holding a 15 year lease.

On October 12, 2004, the bank moved to rented space at 5000 West 36th Street in a new building called the Wolf Lake Professional Center.

Also see Banks and Finance

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This information comes from a variety of sources: newspapers, books, yearbooks, phone directories, interviews, etc. Given the varied sources, we cannot guarantee that all of this information is correct, and welcome any additions and corrections. Please contact us with your contributions and comments.