Citizens
Commerce Bank Converts to State Charter
Department of Financial Institutions Assumes
Regulatory Authority
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.”
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DFI, http://kfi.ky.gov,
is an agency in the Public Protection Cabinet. For more than 100 years, it has
supervised the financial services industry by examining, chartering, licensing
and registering various financial institutions, securities firms and
professionals operating in Kentucky. DFI’s mission is to serve Kentucky
residents and protect their financial interests by maintaining a stable
financial industry, continuing effective and efficient regulatory oversight,
promoting consumer confidence, and encouraging economic opportunities.
 Department of
Financial Institutions’ Commissioner Charles Vice, center, delivers a new state
charter to officials of Citizens Commerce. From left to right are: Jeff Ball, Executive Vice President and Senior
Lender; DFI Division Director Marni Gibson; Eli Barber, Chief Financial
Officer/Chief Operations Officer; DFI Commissioner Charles Vice; Michelle
Oxley, President/Chief Executive Officer; DFI Branch Manager Holly Ross; and
Frank Stark, board chairman.
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