History of Citizens State Bank
a look back on our history
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. 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. 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. 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. 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! 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. After surviving the Great Depression, CSB is insured by the Federal Deposit Insurance Corporation. 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. Dave Wood becomes president of the bank. Wood, affectionately known as “Uncle Dave” by locals, had joined CSB as a teller back in 1961. CSB opens a branch in Ridgway, its first location outside Ouray. CSB buys controlling interest in Montrose County Bank in Naturita, furthering its expansion across the Western Slope. 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. CSB officially acquires its location in Naturita, becoming the bank’s fourth branch. 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. Dave Wood retires as CSB president but remains chairman of the board. Following Dave’s passing, CSB continues to operate under existing management. Brenda Fox is appointed president. 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. After months of renovations, the newly remodeled Ouray branch holds its grand opening. Just two years earlier, our Ridgway location underwent a renovation. Our fifth branch opens in Telluride! In October of 2023, CSB opened our sixth branch in Mountain Village! In April of 2024, CSB opened our seventh branch in Montrose! After our remodel was complete we hosted a grand re-opening in early 2025. February 2025 marks 10 years since the bank was acquired and became employee-owned.
June 20, 1913:
July 10, 1913:
August 8, 1913:
August 29, 1913:
June 1918:
May 18, 1922:
1933:
1945:
1970:
February 19, 1980:
1986:
March 23, 1992:
January 18, 1994:
June 1994:
2003:
2012:
June 2013:
February 2016:
August 23, 2019:
2020
2023
2024
February 2025
