Citizens National Bank was chartered December 12, 1919. The first Board of Directors consisted of W.D. Gover, Charles L. Gragg, Beecher Smith, R.L. Brown, M.L. Gover, W.A. Moore, C.D. Stigall, J.D. Koger, J.H. Campbell, and Dr. A.J. Wahle.

        D.E. Denton served as President from 1920 to 1934.  Subsequent Presidents of the Bank and their years of service were:  Napier Adams 1934 to 1945; B.J. Bethurum 1945; J.J.B. Williams 1945-1970; James E. Haney, Sr. 1970-1973; and Clay Parker Davis 1973 to present date.

        The Bank opened on February 14, 1920 at a location on Public Square in downtown Somerset.  In order to capitalize the Bank, 1,000 shares of stock were sold at $110.00 per share.  The Bank opened with $100,000 in Capital and $10,000 in Surplus.  Surplus. 

     Ownership of the Bank was widely held until the late 1940’s with no one individual owing a majority interest of the stock.   In 1945 J.J.B Williams became President of the Bank and assets had reached $4,797,399.00.  Soon after Mr. Williams became president, he began to acquire stock in the Bank and by the late 1940’s had managed to obtain majority interest.

     In 1970, Mr. Williams died and his stock was sold at public auction to settle his estate.  His majority interest was purchased by Garvice Kincaid.  At the time Mr. Kincaid acquired the Bank, total assets had reached $18,181,123.00.  It was with Mr. Kincaid’s acquisition that the bank began  to enter the modern era of banking.  This started with the construction of the Bank’s first branch at Somerset Plaza.  This facility was opened for business in June of 1972.

     In 1973, Clay Parker Davis was elected President of the Bank and total assets were $22,656,508.00.  Soon after Mr. Davis arrived, the Bank began construction of a new main office building which was occupied in November 1974.  After this structure was completed, plans were made for the construction of the Burnside Branch which opened for business in October of 1976.

        After Mr. Kincaid’s death in 1976, a group of local investors purchased his majority interest in the Bank and total assets at that time had reached $48,950,000.00.  This group proceeded to form Citizens Bancshares, Inc., a one-bank holding company which received final approval in 1978.  The members of the holding company were: Richard E. Cooper, Clay Parker Davis, V.F. Dykes, James E. Haney, Sr., James F. Hawkins, Lester Hughes, Dr. Stephen B. Kelley, Odell Merrick, Harold D. Rogers, Cy Waddle, William J. Wilson, and Charles T. Coffman.  T. Coffman. 

     Since 1978, the Bank has been recognized as a leader in the local community and in all the Benchmark figures used to measure a successful financial institution.  This has been achieved while maintaining a high standard of service to the Bank’s customers and the community at large.  The Bank was recognized in 1993 as one of the 1,500 safest banks in the US. 

     In keeping with this commitment to provide superior service to its customers, a new branch location was opened in October 1981 in the Somerset Mall.  In April 1984, a new branch facility was opened on South Highway 27.  In 1985, plans were made for the conversion to an in-house computers system, with the final conversion taking place in early 1986.  Also, in 1986, the former United Department Store was purchased to provide room for a much-needed expansion program.  This structure was completely renovated and occupied in March 1987, and was renamed the Coffman Building.  This building houses a complete fitness center for the utilization of the Bank’s personnel in addition to various operational departments of the Bank.  In the last year the Downtown and Plaza Branch Drive-ins were completely renovated with state of the art pneumatic tubes installed for the convenience of the customer.

     In 1993, the Bank reached a milestone in attaining $200,000,000,00 in assets, and $20,000,000.00 in capital with this growth occurring the last twenty years.  Total assets grew from $65,410.00 in 1980 to $164,484.00 in 1990 with capital increasing from $3,700,000 to $14,409,000.  In the 1990’s the Bank established full service ATM’s at all locations and 16 cash dispensing machines throughout the county.

     In 1995, the Bank celebrated its 75 years of service to the community with an anniversary celebration for its customers at all locations.

     In 1997, President Clay Parker Davis was honored by the Board of Directors and Officers with a surprise Anniversary Gala in celebration of his 25^th year as President and CEO of Citizens.  Mr. Davis paid tribute to the officers who averaged 20.5 years with the Bank.

     In 1998, the Bank purchased the old Waitsboro Inn property and demolition began for the construction of the new Waitsboro Branch which opened in December of that year.

     1999 was a very busy year.  With emphasis on Y2-K compliance the officers spent endless hours studying, researching, and implementing procedures to ensure the Bank and its customers would experience no problems entering into the new Millennium.  A voice response Citizens 24 Hotline was established for the added convenience of its customers.

     The Bank rebuilt the Burnside Branch after the Department of Highways claimed the bank property for relocation and widening of U.S. 27.  Temporary facilities were established nearby without interruption of service to customers.  The new branch opened in October 1999.  Also, the Bank ventured out to Western Pulaski County and established the Nancy Branch which opened for business in December.

     Citizens was granted trust powers in 1999 and a new Trust/Asset Management Department was established for added service to its customers.  The Department is now located in the former Gover Building on N. Maple Street.

      On April 2, 2001, a new branch opened in the Science Hill community.

     As the Bank entered into the New Millennium assets were $251,224,434, an increase of 284% and capital of $27,450,928, an increase of 642% over the last nineteen years.  In spite of increased competition, the Bank continues to be recognized nationally for its strong management ability.  Bauer Financial Group listed Citizens as a 5 Star Bank in 1999, the only bank in Somerset to receive this prestigious rating.

     The Bank has moved into the mainstream of modern banking and emerges as a viable force in the community.  This is especially true after the Bank was acquired by local investors who have the community’s interest foremost in mind.  The Bank has offered quality service to its customers and the community while maintaining an above average return to its investors.

     On May 31, 2001, Citizens National Bank reached another milestone attaining $300,000,000,00 in assets.