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Citizens State Bank
Citizens State Bank

Citizens State Bank Receives 5-Stars by BauerFinancial


Citizens State Bank of Waverly (FDIC certificate #9337) was established in 1907 and operates through 2 branch offices located in Wright County, Minnesota. Mr. Brian Matzke, President of Citizens State Bank of Waverly, leads a team of 16 employees. The bank’s parent holding company, CATTAIL BANCSHARES, INC. is also the parent of Harvest Bank, Kimball, Minnesota.

Citizens State Bank of Waverly is a state-chartered commercial bank and not a member of the Federal Reserve. It is supervised by the FDIC.

Bank Type:

The FDIC classifies the bank’s asset concentration as Commercial Lending Specialization. (Valid FDIC classifications for banks are: International, Agricultural, Credit-card, Mortgage Lending, Consumer Lending, Other Specialized with assets < $1 billion, All Others with assets < $1 billion and All Others with assets > $1 billion.)

The bank’s ownership type is Stock, Sub Chapter S. This means the bank converted to a sub-chapter S corporation after the option became available to banks in 1997. In times of profitability, there are definite tax advantages to the S-corporation designation. In times of losses, however, C corporations are allowed certain tax deductions that are not available to S-corporations.

Sub Chapter S corporations are closely held stock institutions with no more than 100 shareholders and are only allowed to issue common stock. These institutions have elected to not pay income taxes directly, but instead pass income, losses, deductions and credit through to the shareholders.


Community Reinvestment Act Rating: Satisfactory

The Community Reinvestment Act of 1977 (CRA) provides a framework for financial institutions, state and local governments, and community organizations to jointly promote banking services to all members of a community. In a nutshell, the CRA prohibits redlining (denying or increasing the cost of banking to residents of racially defined and/or low and moderate-income neighborhoods), and encourages efforts to meet the credit needs of all community members, including residents of low- and moderate-income neighborhoods), consistent with safe and sound operations.

Possible CRA ratings are: Outstanding; Satisfactory; Needs to Improve; and Substantial Noncompliance.

Other Resources:

The bank’s deposits are insured by the FDIC; Citizens State Bank of Waverly’s FDIC Certificate Number is 9337. For questions concerning deposit insurance, visit the FDIC at

The FDIC is the federal regulator for Citizens State Bank of Waverly. If you have questions or concerns regarding the bank, you may contact the FDIC here:"

Reference: retrieved July 25, 2016

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