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Our History

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.  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. 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 -2007.

Ownership of the bank was widely held until the late 1940’s with no one individual owning a majority interest of the stock.   In 1945 J.J.B Williams became president of the bank and assets had reached $4,797,399.  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.  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.Ribbon Cutting Ceremony

In 1973, Clay Parker Davis was elected president of the bank and total assets were $22,656,508.  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.  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.

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 tGrand Openinghis 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 computer 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 the renamed Coffman Building was occupied in March 1987.  This building houses a complete fitness center for the bank’s personnel in addition to various operational departments of the bank

Total assets grew from $65,410,000 in 1980 to $164,484,000 in 1990 with capital increasing from $3,700,000 to $14,409,000.  In 1993, the bank reached a milestone in attaining $200,000,000 in assets, and $20,000,000 in capital with this growth occurring the last twenty years.  In the 1990’s the bank established full service ATM’s at all locations and 16 cash dispensing machines throughout the county.

In December 1997, Advisory Boards for each branch were established. The Boards are made up of local business people who will help promote Citizens National Bank.  On December 7, 1998, the new Waitsboro Branch opened.  To date, this is the bank’s largest branch location.  Due to the widening of Highway 27, the bank’s Burnside Branch was removed and the staff worked out of a mobile unit from February 1, 1999 until the new Burnside Branch opened on October 4, 1999.   On December 1, 1999, the bank opened the Nancy Branch.  This was largely due to the many requests from the bank’s customers and the Nancy community to open a facility. Citizens was granted trust powers in 1999 and a new Trust/Asset Management Department was established.  The department is now located in the former Gover Building on North Maple Street.

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.

In April 2001, a new branch was opened in Science Hill, giving the Bank 8 locations to help serve Pulaski County and our customers.  On May 31, 2001, Citizens National Bank reached another milestone attaining $300,000,000 in assets.

After nearly 35 years, Clay Parker Davis retired and Donald E. Bloomer became the President & CEO of Citizens National Bank. Mr. Bloomer had previously been Senior Vice President and Cashier, having more than 30 years experience at the bank. Under Mr. Bloomer’s leadership, the bank has continued to grow and prosper. In 2009, a Loan Production Office, the bank’s first office outside Pulaski County, opened in Monticello, Kentucky. The success of this location led to its conversion to a full service branch in 2010.

In 2010, Citizens National Bank adopted a new permanent slogan, “Moving Forward Together.” As a community bank, we are committed to promoting economic progress and growth. This slogan represents the spirit of the bank’s involvement and partnership in the communities we serve.

At the end of 2011, the Somerset Mall Branch was consolidated into the Waitsboro Branch across the street. Citizens National Bank continues to keep pace with technological advancements as well. In 2011, the bank added mobile banking to its suite of online access options. Customers can use text messaging, mobile browsers and popular smart phone applications to access all the functions of online banking.

In 2014, the bank expanded outside of Pulaski County yet again by adding locations in both Russell County and Jessamine County. The Russell County branch began as a Loan Production Office but due to customer demand, the branch became full service just a few months later. The branch in Jessamine County is located in a highly trafficked commercial area along Highway 27. Although this location is further away, it has opened doors into a commercially diverse market that has proven profitable.

The Science Hill branch moved into the building across the street from their current location in 2017. As our competitors moved out of that community, we further committed to serving the people of Science Hill. Our larger building allows us the room to continue steady growth. 

The Russell Springs branch has also grown at a fast pace, which didn’t allow it to remain on its first location. A new building was constructed at the corner of Highway 127 and Lakeway Drive in 2018. The new location is along the most highly trafficked road in the county. 

The history of Citizens National Bank spans 100 years of growth, change and progress both in banking and the world at large. Community banks have been integral in helping people move forward in a changing world. The future holds many more great changes and challenges and Citizens National Bank stands ready to help meet them.

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