Question 1

What is Citizens Bank and Trust (Frostproof, FL)?

Accepted Answer

Citizens Bank and Trust is a community-focused financial institution headquartered in Frostproof, Florida. With over $1.4 billion in assets and 17 offices, it stands as one of Florida's oldest banks and the oldest bank founded in Polk County still in existence. The bank is a wholly-owned subsidiary of Citizens Banking Corporation, a one-bank holding company, and has remained family-owned for over a century.

As a full-service community bank, Citizens Bank and Trust emphasizes personalized service, local decision-making, and deep community involvement while offering comprehensive banking products ranging from consumer accounts to commercial lending and wealth management services.

Question 2

When was Citizens Bank and Trust (Frostproof, FL) founded?

Accepted Answer

Citizens Bank and Trust was founded on May 13, 1920, originally known as The Citizens Bank of Frostproof. The bank was established with just $25,000 in capital by founder Latimer "Latt" Maxcy and six other local businessmen.

Latt Maxcy, born in 1887 in South Carolina, moved to Frostproof in 1914 after observing that the area's citrus and vegetable crops around Lake Reedy were protected from devastating freezes. He became a successful citrus grower and packinghouse operator before expanding into banking. Maxcy founded the bank to provide economic stability to Frostproof and prevent the town from experiencing the fate of many small communities that disappeared without stable financial institutions.

Latt Maxcy served as Chairman, and his brother John served as President. Together, they managed Citizens Bank for over five decades until their respective deaths in 1971 and 1972. The bank has remained in family ownership for over 100 years, now in its third generation of family leadership.

Question 3

Where is Citizens Bank and Trust (Frostproof, FL) headquartered?

Accepted Answer

Citizens Bank and Trust is headquartered in Frostproof, Florida, in Polk County. The original bank building, constructed in 1925 at 2 East Wall Street, remains in use today and is a proud part of downtown Frostproof. Visitors can still see the historic original safe used nearly 100 years ago to secure bank deposits in the bank's lobby.

Question 4

Where does Citizens Bank and Trust (Frostproof, FL) operate?

Accepted Answer

Citizens Bank and Trust primarily serves Central Florida with 17 offices across three counties. For the first 98 years of its existence, the bank exclusively served Polk County. In 2021, the bank made its first expansion outside Polk County by acquiring two offices from Hillsboro Bank in Valrico (Hillsborough County) and Dade City (Pasco County).

Within Polk County, Citizens Bank and Trust operates in the communities of Auburndale, Bartow, Dundee, Fort Meade, Frostproof, Haines City, Lake Wales, Lakeland (multiple locations), and Winter Haven. The bank serves the broader Lakeland-Winter Haven metropolitan area and surrounding Central Florida communities.

Question 5

What services does Citizens Bank and Trust (Frostproof, FL) offer?

Accepted Answer

Citizens Bank and Trust provides comprehensive banking services for both personal and business customers. Personal banking services include checking and savings accounts, certificates of deposit, money market accounts, and consumer loans for vehicles, homes, and personal needs.

Business banking services encompass commercial checking and savings accounts, merchant services, cash management solutions, and commercial lending for equipment, real estate, working capital, and business expansion. The bank made approximately $200 million in loans in 2023, with 80% within Polk County and 100% within its service footprint.

Wealth management services include investment advisory, trust administration, estate planning, and private banking. These services were expanded in 2004 when the bank acquired American Bank & Trust of Lake Wales, which included a trust department. This acquisition prompted the name change from Citizens Bank to Citizens Bank & Trust.

Digital banking services provide 24/7 access through online banking with bill pay, mobile banking apps for smartphones and tablets, mobile check deposit, real-time card management controls, and contactless payment options including Apple Pay, Google Pay, and Samsung Pay. The bank is also implementing interactive teller machines (ITMs) as virtual branches in select communities, with deployment planned for 2024.

Question 6

What makes Citizens Bank and Trust (Frostproof, FL) unique?

Accepted Answer

Citizens Bank and Trust distinguishes itself through its remarkable longevity, family ownership, and deep community commitment. As Polk County's oldest bank still in operation, with over 104 years of continuous service, the institution has survived economic depressions, wars, and financial crises while maintaining conservative values and local control.

The bank experienced dramatic growth during the COVID-19 pandemic, becoming one of Florida's top 10 PPP lenders despite not being in the top 10 by asset size. The bank processed $180 million in PPP loans, helping local businesses survive the pandemic. This effort caused the bank to double in size over 30 months, growing from $650 million to $1.2 billion in assets.

Community involvement is deeply embedded in the bank's culture. Employees log over 10,000 volunteer hours annually in activities ranging from coaching youth sports to teaching Sunday school to serving on nonprofit boards. The bank's philosophy emphasizes responsibility to three constituencies: owners, employees, and community.

Only three family members have served as board chair throughout the bank's entire history, ensuring consistency in leadership philosophy and maintaining the founder's vision of providing stability and hometown banking with personalized service.

Question 7

What type of financial institution is Citizens Bank and Trust (Frostproof, FL)?

Accepted Answer

Citizens Bank and Trust is a State-Chartered Commercial Bank operating as a community bank. It is organized as a Florida state bank and is regulated by both the Florida Office of Financial Regulation and the Federal Deposit Insurance Corporation (FDIC), with FDIC Certificate Number 5673.

As a community bank, Citizens Bank and Trust emphasizes relationship banking with local decision-making authority. Its commercial banking focus serves both consumer and business customers, with particular strength in commercial lending, agricultural finance (given its roots in Florida's citrus industry), and small to mid-sized business banking. The bank maintains the operational capabilities and product offerings of larger institutions while preserving the personalized service and community focus characteristic of independent community banks.

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Citizens Bank and Trust (Frost­proof, FL)