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John T. Gill, President and COO of Citizens Alliance Bank announced today that they recently reached a deal to acquire 100% of the outstanding stock of Citizens State Insurance Agency which will become a wholly owned subsidiary of the Bank effective July 1, 2020.
Citizens State Insurance Agency has been a Forstrom family-related company for over 50 years. Most recently was owned by the Forstrom brothers, Philip, Perry and John. Effective with the change in ownership, the legal name will also be changed to Citizens Alliance Agency, Inc.
In addition, President Gill announced that Citizens Alliance Bank has entered into a Letter of Intent Agreement to acquire and merge 100% of the Goeman Insurance Agency, LLC of Clara City and Montevideo, Minnesota from father and son – William (Chip) and Kyle Goeman. Goeman Insurance Agency is a successful and highly respected full line, independent insurance agency based in Clara City. The agency has been under 3 generations of Goeman Family ownership beginning with William Goeman Sr. in 1953. Goeman Insurance Agency and its employees will be merged into Citizens Alliance Agency and thereby become part of the Citizens Alliance Bank franchise. Upon successful completion of due diligence and negotiation of final terms and conditions of the merger transaction, the closing on the Goeman Insurance Agency is anticipated to occur on August 1, 2020.
Citizens Alliance Agency will remain locally owned and operated. Kyle Goeman will become President of Citizens Alliance Agency and be responsible for employee and agent recruitment and training, sales and customer development, product enhancement, and customer service support in addition to leading Citizens Alliance Agency’s future strategic acquisitions. Citizens Alliance Agency’s operations will largely be out of the existing Goeman Insurance Agency buildings in Clara City and Montevideo. Human Resources, Information Technology, Regulatory Compliance, and other support services required by Citizens Alliance Agency will be housed and facilitated by existing Citizens Alliance Bank personnel already charged with these duties and responsibilities.
Goeman and Gill both noted that the key drivers underlying the transaction and bringing these companies together are the cultural and corporate value similarities between the two organizations. The entities are multi-generational, family owned businesses rooted in small communities with deep owner and staff commitment to earning and preserving customer respect and loyalty, providing impeccable customer service, and reinvesting in our communities.
Citizens Alliance Agency will continue to offer property and casualty, life and health, as well as crop insurance coverage. Citizens Alliance Agency will be leveraging the footprint of Citizens Alliance Bank’s existing 12 branch offices located in West-Central Minnesota and Western Montana, thereby bringing the proven sales team of Citizens Alliance Agency into the market areas of the Bank.
Kyle Goeman noted that market share and presence were key to continual growth and success in the independent insurance agency business. Goeman is optimistic in his team’s ability to leverage insurance growth and bring additional value to our growing customers through the Citizens Alliance Bank network of employees and branches. Gill noted that the Goeman Insurance Agency organization brings key insurance management expertise and back office infrastructure support to Citizens Alliance Agency. Goeman and Gill look forward to better product offerings and improved customer pricing as a result of the business merger of Citizens Alliance Agency and Goeman Insurance Agency. While Kyle noted the signage on the Goeman Insurance Agency buildings in Clara City and Montevideo will change to Citizens Alliance Agency, no employees will be displaced as a result of the sale. Chip has agreed to continue his employment with the combined agency through at least 2024.
Citizens Alliance Bank is a wholly owned subsidiary of Forstrom Bancorporation Inc. which in turn is owned by the Forstrom Brothers. Forstrom Bancorporation has consolidated assets of approximately $925 million. Together Citizens Alliance Bank and Citizens Alliance Agency will employ approximately 175 people in 13 communities throughout West-Central Minnesota and Western Montana.
South Elevation – New Building
Citizens Alliance Bank, Clara City, MN
The Clara City, Minnesota branch is expanding its footprint with an additional administrative building. The East Annex Building is a two story, 12,000 square foot building that will house 30 administrative employees. The estimated completion is July 2020.
Southwest Elevation – New Building
Citizens Alliance Bank, Great Falls, MT
East Elevation – New Building
Citizens Alliance Bank, Great Falls, MT
Citizens Alliance Bank is excited to announce the groundbreaking for the construction of our newest full-service branch facility located in the West Bank Landing Development in Great Falls, Montana. The three-story, 18,000 square foot office facility was designed by LPW Architecture and the general contractor leading the project is Sletten Construction, Inc. The plan is for Citizens Alliance Bank to occupy the first floor and a portion of the second floor, with the remaining space on the second floor and the entire third floor available for tenant lease availability. This building site represents prime office space with beautiful views of the Missouri River. Please contact Ryan Fritz, Montana Market Manager, at (406)403-7462 regarding any interest in tenant lease availability. The estimated completion is May 2021.
South Elevation – New Addition
Citizens Alliance Bank, Lincoln, MT
The Lincoln, Montana branch is expanding its footprint by approximately 1,900 square feet to accommodate four additional offices, storage, mechanical and other amenities to help support our growing business. The estimated completion is July 2020.
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Our Howard Lake and Watertown branches are proud to team up with other local community banks in the COVID-19 Relief Fund campaign! 100% of the proceeds go back into the local communities. To donate, visit www.delanolorettouw.org or mail a check to Delano Loretto Area United Way at the address listed below.
Citizens Alliance Bank is excited to announce the June 25 groundbreaking for construction of the full-service branch facility in Great Falls. Construction is slated to be complete May 2021. The three-story, 18,000 square foot office facility was designed by Janet Forstrom with LPW Architecture as the architect, and Sletten Construction, Inc. leading the project. The building will have lease space available on the second and third floors with great views of the Missouri River from its West Bank location.
Chartered in 1902, Citizens Alliance Bank has proudly served its Minnesota customers in nine communities, while expanding its footprint to Montana in 1998 after acquiring First Valley Bank in Seeley Lake. The Bank subsequently acquired First Bank of Lincoln in 2013, and then opened its first Loan Production Office in Great Falls in 2017, which subsequently was converted into a full-service branch in 2018.
Now, Citizens Alliance Bank is grateful for the opportunity to further serve its Montana customers. The Great Falls location will be led by Senior Vice President/Montana Market Manager, Ryan Fritz, who was born and raised in Great Falls. Citizens Alliance Bank is a true community Bank with local decision makers and employees. With an asset size in excess of $900 million, resources are available to take on large and sophisticated customers and projects, but efficient enough to not sacrifice service and our value for the individual customer relationship.
Left to Right: Brenna Clark (Citizens Alliance Bank), Jessi Daul (Citizens Alliance Bank), Sarah Daul (Citizens Alliance Bank), Gordy Woltjer (Citizens Alliance Bank), Janet Forstrom (Citizens Alliance Bank), Amy Murphy (Citizens Alliance Bank), Ryan Fritz (Citizens Alliance Bank), Cara Carlson (LPW), Spencer Woith (Woith Engineering), John Forstrom (Citizens Alliance Bank), Dave Smith (Sletten Construction), Mike Skolrud (Sletten Construction), Chad Forkrud (Citizens Alliance Bank), Erik Sletten (Sletten Construction) and Ryan Buffington (TD&H Engineering)
Left to Right: Erik Sletten (Sletten Construction) and John Forstrom (Citizens Alliance Bank)
Our new East Annex Building (42 Center Avenue W; Clara City, MN 56222) now has two electric car charging stations located in the back of the building that are available to the public 24/7. In order to use the station(s), the electric car owner will need to download the app (SemaConnect) and build their account information which must include a credit card number. Electric car owners can also acquire a free card where the car charging company has the driver’s information stored. Currently, the charge rate is $1.00 per hour and batteries are recharged at a rate of 23 miles per one hour of charging.
Exciting News! We recently installed a new multi-function ATM at our Sacred Heart branch located at 200 W Maple Street. This ATM is available 24/7 in the drive-up lane for all of your fast cash needs! Come and visit us soon!
The coffee shop located in our Howard Lake branch will be closed until further notice due to COVID-19 restrictions.