Bank Building before the Tyler tornado of 1918. This building was on the same site as the present building.
Newly constructed bank building after the tornado. Though it has been remodeled several times, the bank retains much of this design.
Bank building after the second remodeling. The bank has since added a third building to the north.
| The Citizens State Bank was founded
and chartered on May 28, 1917. Hans Lauritsen was president of the bank, and his
son, C.A. "Chris" Lauritsen, was a member of the first board of directors and
was the banks' first cashier. When the senior Lauritsen died in 1935, Chris took
over as president and served in that capacity until 1952, when he sold his interest in the
bank to Jack B. Seibert, who became the new president.
After Jack Seibert's death in 1968, Leland Peter purchased the Citizens State Bank and took over the helm as president. His son, Greg Peter, took over as president/owner on January 1st, 1993.
After its first year of operation, the bank had assets close to $100,000. Two years later, in 1920, this amount had doubled to $200,000.
This growth did not occur without some competition; at the time, there were eleven banks in Lincoln County and three in Tyler alone. The other two were the Farmers State Bank, which closed in 1928, and The First National, which stopped operating in 1930. Since then, only the Citizens State Bank has survived to continue serving the Tyler area.
The bank has had three different locations over the past years. When it organized in 1917, it was operating out of a building that is now part of the former Utoft-Johansen Furniture store. A few months later it was moved to the corner, across the street from the present bank. The 1918 tornado demolished the building, but another was built on the same site. That facility served as the bank's home until 1937, when it moved across the street to its present location. In recent years, the bank has expanded and remodeled, having taken over two adjacent buildings to the north.