Citizens Federal Savings Bank

From Bhamwiki
Jump to navigation Jump to search

Citizens Federal Savings Bank (formerly Citizens Federal Savings & Loan) was a privately-held bank founded in 1956 by A. G. Gaston and chartered under the Federal Home Loan Bank System. It was launched with capital of $350,000, but by 1967 Gaston reported holdings over $9 million in assets and 13,000 shareholders. That year the association paid out $2,108,604 in dividends.

In 1968 Gaston was still president and chairman. Arthur Shores was vice-president and general counsel. John Drew, Afton Lee, B. M. Montgomery and John Nixon were also vice-presidents, and Louis Willie was secretary and treasurer. That year, Gaston bought and renovated the former Calder Building at 3rd Avenue North and 17th Street to serve as the bank's headquarters office.

The bank also had branches on Bessemer Road and in Eutaw (Greene County).

Bunny Stokes was appointed chairman and CEO by Gaston in 1990. In 2001 the bank reported assets of $108 million.

In May 2002 Ciizens Federal was acquired by Atlanta, Georgia's Citizens Trust Bank for $10 million in cash. Stokes became president of the combined bank's Alabama division until his retirement in 2004.