Maquoketa will gain a new bank in 2020.
Citizens State Bank based in Wyoming, Iowa, received final approval to build a branch office in Maquoketa starting next year, according to bank president and CEO James Thines.
“Our organization as a whole is excited about coming to Maquoketa and serving Jackson and Clinton counties,” Thines said, noting that Citizens State Bank already has many customers in the Maquoketa area.
“We see a great opportunity within the Maquoketa market to serve the growing and expanding town and we want to be a part of that expansion as well and help the area as it grows.”
The financial institution has considered expansion into other towns in the last decade or so, and Maquoketa fit the bill, Thines said. The bank needed approval from the Federal Deposit Insurance Corporation in Kansas City, Missouri, as well as the Iowa Division of Banking in Des Moines.
But first, the bank needed a location before it could apply for approval, and bank officials had eyed 102 E. Carlisle St. just north of Wal-Mart. However, the Jackson County Board of Supervisors held an option to buy that land as the site for the proposed new Jackson County Jail.
“We wanted the jail issue to stand on its own merits without influencing it,” Thines said. “We held off making the branch location public until after the vote and after the supervisors voted to move on to a new location.”
After Jackson County voters rejected a second jail bond referendum in August, the supervisors released its hold on the land and Citizens State Bank bought it. The bank’s investment in the community will add to the county’s tax base.
Thines expected construction on the full-service bank, with drive-up convenience offered, to begin in March or April 2020, depending on weather conditions. If all goes according to schedule, the new office should open later in the year.
The office will employ three to five full-time staff members.
With 126 years of experience, the locally owned Citizens State Bank is headquartered in Wyoming and has offices in Olin and Oxford Junction.
Peter S. Jansen founded, owned, and operated what was then called Citizens Bank in 1893 as a private institution. The German immigrant had already opened a mercantile in the town.
Citizens Bank bought the assets of the other bank in town, First National Bank, in 1872.
Citizens Bank received its charter as a state bank in 1913 and became known as Citizens State Bank, then became a member of the FDIC in 1933. At that time, the FDIC insured deposits up to $25,000.
The bank’s footprint expanded in 1937 with the opening of a new branch in Oxford Junction. Some 41 OJ citizens signed a petition to have the bank branch in their town.
Citizens State bought the Olin branch in 1997 and completed construction of the drive-up facility in Wyoming two years later.