Citizens Savings Bank and Trust (Citizens Bank) is the oldest continuously operating minority-owned bank in the nation and the first minority-owned bank in Tennessee. Citizens Bank is committed to handling the needs of its customers and constantly strives to become better at operations and providing a variety of quality services and products. The bank has grown to $53 million in total assets and is privately owned by more than 200 stockholders.
Citizens Bank is a full-service bank offering depository services, lending, and investment products. Depository services include:
- Personal Banking
- Student Banking
- Business Banking, including small business, commercial checking, and money
Lending products include:
- Auto Loans
- Credit Cards
- Home Equity Loans and Home Equity Credit Lines
- Mortgage Loans: Citizens Bank offers conventional loans, adjustable rate loans and FHA (Federal Housing Administration) loans: Conventional Loans have a fixed rate and monthly payment for the entire life of the loan. Adjustable Rate Loans are similar to conventional loans but usually start with lower rates than conventional loans. FHA Loans offer lower interest rates, require a relatively small down payment, and are insured through the Federal Housing Administration.
- Personal Loans
- Student Loans
Investment products include:
- Certificate of Deposits (CDs): Citizens Bank offers short-term, medium-term and long-term CDs.
- Individual Retirement Accounts: help people save on their present taxes by deferring taxes until retirement, when they might be in a lower tax bracket.
- Financial Planning
- Mutual Funds
All of Citizens Bank’s customers live in minor urban areas, with populations of less than 1 million. While Citizens Bank’s customers are mainly African American, the bank still has a diverse client population. Of its clients, 84% are African American, 2% are Asian or Pacific Islanders, 2% are Latino, 1% is Native American, 10% are white, and 1% belongs to other races. The bank is committed to serving members of the low-income community; 30% of Citizens Bank customers live in a household with income at or below 80% of area median income. Additionally, 40% of the bank’s clients are women.
In 2003, Citizens Bank had total assets worth over $53 million. Citizens Bank continues to grow and has three full-service branch facilities, one of which opened in 2003. Citizens Bank has a competent and well-trained staff prepared to serve customers at their main office at 2013 Jefferson Street, and each of their branch locations. In addition to their branch locations, ATMs have been installed in the main office and on the campus of Meharry Medical College in the Basic Sciences Building. It is Citizens Bank’s goal to provide other locations convenient to their customers.