History
View The Citizens State Bank Historical Timeline Below:
June 20, 1913:
The Ouray Herald runs a story about a new bank in town, the Home State Bank of Ouray. A five-year lease is signed by the bank for a room in the Beaumont Hotel.
July 10, 1913:
The bank’s Certificate of Incorporation is filed. Eight Western Slope businessmen, six of them from Ouray, are listed on the filing. CSB was truly a community-focused bank from the beginning.
August 8, 1913:
The Ouray Herald publishes a story with the headline “NEW BANK OPENS IN TEN DAYS,” noting that the bank now has a new name–Citizens State Bank.
August 29, 1913:
Citizens State Bank is open for business. A story in the Ouray Herald quotes a cashier as saying “business is rushing.” An ad in the paper proclaims that CSB is “OWNED AND OFFICERED BY LOCAL PEOPLE FOR THE UPBUILDING OF THE COMMUNITY.” Ninety-eight percent of the bank’s stock is owned in Ouray County.
June 1918:
With the five-year lease expiring, CSB purchases a new building–the Manion and Beavers Saloon (Office Saloon/Corner Saloon) at the corner of Main and 6th, where the bank stands today!
May 18, 1922:
The other bank in town, Miners and Merchants Bank, announces its closure, making CSB the only bank in town, a distinction it holds for the next 72 years.
1933:
After surviving the Great Depression, CSB is insured by the Federal Deposit Insurance Corporation.
1945:
CSB hires its first female teller, 18-year-old Willma Boyd Potter, paying her $75 a month. Apparently, working at CSB runs in the family: Potter’s granddaughter Jessica Frigetto is now CSB’s Chief Lending Officer, maintaining our $45 million loan portfolio.
1970:
Dave Wood becomes president of the bank. Wood, affectionately known as “Uncle Dave” by locals, had joined CSB as a teller back in 1961.
February 19, 1980:
CSB opens a branch in Ridgway, its first location outside Ouray.
1986:
CSB buys controlling interest in Montrose County Bank in Naturita, furthering its expansion across the Western Slope.
March 23, 1992:
CSB opens a bank in Silverton. Silverton residents were relieved, as town was still reeling from an armed robbery of the county treasurer’s vault in 1967. For a time after the robbery, county commissioners didn’t allow check cashing, causing business in town to suffer.
January 18, 1994:
CSB officially acquires its location in Naturita, becoming the bank’s fourth branch.
June 1994:
CSB’s 72-year run as the only bank in Ouray ends when First National Bank opens its doors a few blocks down Main Street.
2003:
Dave Wood retires as CSB president but remains chairman of the board.
2012:
Following Dave’s passing, CSB continues to operate under existing management.
June 2013:
Brenda Fox is appointed president.
February 2016:
CSB merges with a new company called the CSBO Acquisition Corporation. The board of directors sets up an Employee Stock Ownership Plan, making CSB employees the bank’s number-one stockholder. The second-largest stockholder is Doug Price, CEO of CSBO Acquisition Corp.
August 23, 2019:
After months of renovations, the newly remodeled Ouray branch holds its grand opening. Just two years earlier, our Ridgway location underwent a renovation.
2020
Our fifth branch opens in Telluride!