FRANKFORT, Ky. (June 8, 2018) – The Department of Financial Institutions (DFI) welcomed Citizens Commerce Bank as Kentucky’s 125th state-chartered bank effective June 1. The bank converted from a national charter to a state charter.
“Like many community banks, Citizens Commerce is locally owned and works hard to develop a relationship with each of its customers. With a state charter, the bank will benefit from our local decision-making process and our examiners’ knowledge of local economic conditions,” said DFI Commissioner Charles Vice.
With branch and ATM locations in Versailles, Frankfort, Nicholasville and Lexington, Citizens Commerce Bank holds total assets of $227.7 million, with $23.7 million in equity capital and a Tier One Leverage Capital ratio of 9.71 percent as of March 31, 2018. Headquartered in Versailles, the bank serves more than 16,000 customers. DFI now assumes regulatory authority of the bank, which includes conducting periodic examinations. The Federal Deposit Insurance Corporation continues to insure the bank’s deposits up to $250,000 per customer.
“I look forward to working with the Kentucky Department of Financial Institutions,” said Michelle Oxley, president and chief executive officer of Citizens Commerce. “Their philosophy is very similar to that of Citizens Commerce’s. They make decisions locally and get to know their clients.”