Citizens Point out Lender (CSB) has declared new management in Burton as it completes its acquisition of Burton State Bank.
(courtesy Citizens Point out Lender)
Matthew Stolz will symbolize CSB in Burton as the branch president. Linda Blacklock, Burton State Bank’s existing president, will stay on as the branch manager.
In August, a merger concerning the two entities was accredited by their respective boards of directors. On October 15th, Burton State Bank shareholders authorized the sale of the bank.
In a release, CSB claimed the rest of the staff will go on to perform for CSB immediately after the buy.
CSB President and CEO Aaron Flencher explained the acquisition “will be a terrific addition to the CSB footprint with the neighborhood provider you know and believe in.”
CSB said it has gained all of the essential approvals from the Federal Deposit Insurance Company (FDIC), Texas Office of Banking and the Federal Reserve to go forward with the acquisition of Burton State Financial institution.
The conversion date is set for Friday, December 3rd. The lender will reopen its doorways as Citizens Condition Lender, Burton on Monday, December 6th.