Citizens State Bank
“We bring entrepreneurial and common sense values to banking. The values of the local community are reflected in the values of the bank: extraordinary customer service, hard work, a sense of urgency, relationship-focused, entrepreneurship, and solution-oriented. Our culture is rooted in hospitality and our team treats every customer as if they are an owner of the bank. If you need deposit or credit products, we invite you to apply with us.”
- website: https://www.micsb.com/
Cannabis Banking Services
States Served:
- Michigan
Official cannabis banking page: NA
Media coverage:
- The Detroit News: Chaldean-owned bank focuses on cash-intensive Detroit area businesses
Yatooma and the bank’s CEO, Dan Fischer, say they pride themselves with providing the personal touch of a small bank while offering similar products as bigger institutions. They welcome cash-intense businesses, such as party stores, check cashing services and well-established cannabis businesses. Yatooma said his brother, Greg Yatooma, suggested he buy a bank. After some research and a plane trip to Citizens State Bank in Ontonagon in northern Michigan, he decided to take the leap.
- Detroit Free Press: Michigan marijuana businesses couldn’t find banks to take their cash, lend money
- Compliance demands are intense. Banks and regulators continue to figure out how to handle deposits from such businesses and how to properly make loans and limit risk. “A lot of the cannabis companies are small, growing businesses,” said Daniel Fischer, president and CEO of Citizens State Bank. Citizens State Bank — which offers mortgage services, lending to small businesses, car loans, consumer loans and the like — made some splash by noting that it would also be the community bank to go to “if you are in the cannabis space as Citizens State Bank is one of only a handful of banks in metro Detroit ready to accept your cannabis deposit and be your cannabis banking solution.”
Bank Health Rating
DepositAccounts.com Rating: link
- DepositAccounts considers several health grade components:
- Texas Ratio (measuring bank credit risk);
- Texas Ratio trend;
- Deposit growth;
- Capitalization (difference between bank assets and liabilities).