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.


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.

February 19, 1980:

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.

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.


Dave Wood retires as CSB president but remains chairman of the board.


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.


Our fifth branch opens in Telluride!