Question 1

What is First Citizens State Bank?

Accepted Answer

First Citizens State Bank is a locally owned and operated community bank headquartered in Whitewater, Wisconsin. With approximately $494 million in total assets and 8 branch locations, the bank serves the southeastern Wisconsin communities of Whitewater, East Troy, and Palmyra.

As the largest and oldest locally owned financial institution in Whitewater, First Citizens State Bank specializes in commercial lending while providing comprehensive retail banking services to individuals, families, and businesses. The bank has earned a 5-Star rating from Bauer Financial, reflecting its strong capital position and financial stability.

Question 2

When was First Citizens State Bank founded?

Accepted Answer

First Citizens State Bank traces its origins to 1863, making it one of Wisconsin's oldest financial institutions with over 160 years of history. Just months after the National Banking Act of 1863 was enacted, First National Bank of Whitewater, Wisconsin was granted a bank charter.

The bank's modern identity was formed in 1931 when First National Bank of Whitewater merged with Citizens State Bank during the Great Depression, creating First Citizens State Bank of Whitewater. This merger helped both institutions survive the economic challenges of that era.

The bank has expanded steadily over the decades. In 1964, it moved to a newly constructed single-story building at 207 W Main Street, which was later expanded into a three-story building in 2004. Geographic expansion included opening a second Whitewater branch in 1998, adding an East Troy office in 2001, and transitioning Palmyra State Bank into the First Citizens State Bank family in 2016.

Question 3

Where is First Citizens State Bank headquartered?

Accepted Answer

First Citizens State Bank is headquartered in Whitewater, Wisconsin, at 207 West Main Street. The main office building, constructed in 1964 and expanded in 2004, is located at the heart of downtown Whitewater and has been a fixture of the community for over 60 years.

Question 4

Where does First Citizens State Bank operate?

Accepted Answer

First Citizens State Bank operates exclusively in southeastern Wisconsin, primarily in Walworth County. The bank maintains 8 domestic offices across three communities.

The bank has multiple locations in its home city of Whitewater, including the Main Office at 207 West Main Street and a West Office at 1058 West Main Street. Additional full-service branches are located in East Troy at 2546 East Main Street and in Palmyra at 111 E. Main Street.

All locations serve the surrounding trade areas of these Wisconsin communities, with a particular focus on the Whitewater micropolitan statistical area.

Question 5

What services does First Citizens State Bank offer?

Accepted Answer

First Citizens State Bank provides a comprehensive range of retail and commercial banking services. Personal banking products include checking accounts, savings accounts, certificates of deposit, IRA options, and various consumer loan products including home mortgages, construction loans, auto loans, and personal loans.

The bank offers robust digital banking services including online banking, mobile banking with remote deposit capture, and Zelle for person-to-person money transfers. Customers can apply for mortgages online and manage their accounts through the bank's mobile app.

Commercial banking is a core strength, with First Citizens State Bank designated as an SBA Preferred Lender, allowing the bank to approve Small Business Administration loan requests in-house with reduced turnaround times. Business services include commercial loans, agricultural loans, and treasury management products such as remote deposit capture, account sweeps, and ACH payroll management.

The bank also offers wealth management services through First Citizens Investment Services, which affiliated with Cetera Financial Institutions in 2024. Additional services include trust services and insurance products.

The bank participated in the Federal Reserve's FedNow pilot program in 2021, positioning itself as an early adopter of instant payment technology.

Question 6

What makes First Citizens State Bank unique?

Accepted Answer

First Citizens State Bank stands out for its deep-rooted commitment to community development and education. The bank has maintained an extraordinary partnership with the University of Wisconsin-Whitewater since the university's founding in 1868, earning recognition as one of the top 10 financial supporters in the university's history.

In 2025, the bank received the Universities of Wisconsin Regents Business Partnership Award for its contributions, which include seven-figure donations across multiple foundation campaigns, startup funding for nearly 20 Innovation Center businesses, and donation of over 20 fully developed lots to the UW-Whitewater Foundation. Currently, 34 percent of the Whitewater branch staff are either UW-Whitewater students or alumni.

The bank has consistently earned an OUTSTANDING rating from the Federal Deposit Insurance Corporation for Community Development activities. Its commitment extends beyond financial contributions to active staff involvement in local organizations and community activities.

First Citizens State Bank maintains its independence as a locally owned institution, operating under the Forever First philosophy that emphasizes stability and family-controlled ownership across three generations. This local ownership structure allows for personalized decision-making and a long-term commitment to the communities it serves.

Question 7

What type of financial institution is First Citizens State Bank?

Accepted Answer

First Citizens State Bank is a State-Chartered Commercial Bank regulated by the Federal Deposit Insurance Corporation (FDIC). As a commercial bank with commercial lending specialization, it focuses on business banking while maintaining strong retail banking operations.

The bank operates as a state-chartered institution rather than a national bank, giving it flexibility in its operations while maintaining FDIC insurance protection for depositors. It holds fiduciary powers and exercises trust powers, allowing it to provide comprehensive wealth management and trust services.

As a community bank, First Citizens State Bank emphasizes relationship banking and local decision-making, differentiating itself from larger regional or national banking institutions through personalized service and community involvement.

Question 8

What is First Citizens State Bank's financial strength?

Accepted Answer

First Citizens State Bank maintains a robust financial position with approximately $494 million in total assets as of mid-2025. The bank holds $362 million in total deposits and manages a loan portfolio of approximately $315 million, primarily secured by real estate and commercial and industrial loans.

The bank has consistently earned a 5-Star rating from Bauer Financial, an independent financial institution rating firm, indicating superior financial strength. With a Tier 1 Leverage Ratio of 16.74% and total bank equity capital of approximately $85 million, the bank operates well above regulatory minimum capital requirements.

First Citizens State Bank demonstrates strong profitability metrics, including a Return on Assets (ROA) of 1.55% and Return on Equity (ROE) of 9.32%, both well above industry averages for community banks. The bank employs approximately 69 staff members across its 8 locations.

Question 9

How is First Citizens State Bank involved in the community?

Accepted Answer

First Citizens State Bank exemplifies community banking through extensive local involvement and support. Beyond its historic partnership with UW-Whitewater, the bank actively participates in chamber of commerce activities, local fundraising events, and community development initiatives.

Bank staff serve as panelists, advisors, and judges for campus organizations including Launch Pad, Financial Management Association, Enactus, and the Financial Economic Research Center. The bank provides treasury management services to the UW-Whitewater Foundation at no cost, demonstrating its commitment to institutional partnerships.

The bank's CEO, Jim Caldwell, and his wife Julie have been longtime private supporters of the university, with their contributions including the Jim & Julie Caldwell Endowed Professorship in banking. Jim Caldwell served on the Foundation Board of Directors for over 30 years, including as Chair, and continues as an Emeritus Board member.

Through the Paycheck Protection Program, First Citizens State Bank processed over $13 million in loans to help local businesses, impacting approximately 2,100 local jobs with an average loan size of $84,450, demonstrating its commitment to supporting small businesses during economic challenges.

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