Ouray-based Citizens State Bank last month opened its newest branch in Montrose.

This addition marks Citizen State Bank’s expansion efforts, as the Montrose branch is the third new branch added in the past 3 ½ years, according to Chief Lending Officer Jessica Frigetto. Citizens State Bank has four locations now (Ouray, Naturita, Ridgway, Silverton, Telluride, Mountain Village and Montrose).

The addition of the Montrose branch was in their most recent five-year plan. Montrose is the largest community in which Citizens State Bank does business now.

“It’s not as cyclical. So the majority of communities that we’re in from a deposit base, have extreme seasonality to them,” Frigetto said. “… It’s the largest market both based upon deposit opportunity and based upon population, which also then allows for a larger employment pool as well. That’s a huge key to it.”

Citizens State Bank was able to add long-time local banking executive Mark Harmon to its leadership team. He serves as market president out of the local branch.

In its search for a location, the bank landed on the property at 401 E. Main St., which the majority shareholder in Citizens State Bank owns, according to Frigetto.  The building originally housed First National Bank but hasn’t housed a banking entity since Bank of the West moved out. The building will still serve as home to local contractor San Juan Construction, which is located upstairs.

“Downtown is not over-banked on this end of town,” said Harmon. “Really when banks vacated downtown, I think that really left a void (here). So now you have city hall right across the street, you’ve got a ton of improvements going on down here where the activity is increased and the business opportunities are here as well. So I think it’s a big win for everybody. Not only for for us, but for downtown as well.”

Both Frigetto and Harmon described Citizen State Bank as a small-town bank. They plan to reinvest money into the community by supporting local youth, local agriculture and non-profits. A majority of their donations go through the Colorado Community Foundation, Frigetto said.

Citizens State Bank first opened its doors for business in Ouray in 1913. The bank is locally owned and operated.

Justin Tubbs is the Montrose Business Times editor. He can be reached by email at justin@montrosebusinesstimes.com or by phone at 970-765-0915 or mobile at 254-246-2260.