Citizens State Bank, your Hometown Indiana Bank.


Citizens State Bank was organized on July 3, 1873, just three days after new banking laws went into effect in the state of Indiana.  As

 a result, Citizens State Bank holds Indiana Bank Charter #3 and may be the oldest active Indiana bank (attempts to locate charters 1 & 2 have been unsuccessful).

John R. Millikan became the first president, starting an association with the Millikan family that would span five gene

rations and nearly 100 years – a fitting start, since Citizens State Bank remains a family business to this day.


About 50 miles north in Hartford City, Indiana, Rural Loan & Savings Association opened for business on March 20, 1920.  Raymond M. Maddox was hired to manage the association in 1924.  A year prior, Citizens State Bank celebrated its 50th anniversary by moving to its present location on the northwest corner of Main and Broad Streets in New Castle.

During the difficult days of the Great Depression, Citizens State Bank used its financially sound position to acquire Central Trust & Savings and other small county banks, making Citizens State Bank an early pioneer in the concept of “branch banking.”

Citizens State Bank also pioneered the convenience of drive-up windows at its main New Castle office and new offices as they opened.  Meanwhile, Mr. Maddox was successfully guiding Rural Loan & Savings through the Depression, World War II and the post-war building boom.

Raymond Maddox became the majority shareholder of Rural Loan & Savings during his 34-year tenure and brought his two sons, John R. Maddox and James B. Maddox into the business.  Upon Raymond’s untimely death in 1958, the older son John succeeded his father as president.

historical bank vault


The Maddox brothers formed another financial institution, First National Bank of Hartford City, in 1965.  The new entity was

managed by younger brother James.

Mertie Rempel, widowed owner of The Bank of Montpelier which was established in 1939, approached John in 1967 about selling the bank to the Maddox family.  The deal was finalized quickly and The Bank of Montpelier joined the Maddox banking interests.  Those interests were soon to expand again.

In May of 1968, members of the Millikan family – who were the primary shareholders of Citizens State Bank – became interested in selling.  On September 9, 1968, the Maddox family purchased Citizens State Bank and James Maddox moved from Hartford City to New Castle to become president.

Citizens State Bank underwent a massive expansion of its main office in downtown New Castle in 1973, its 100th year in business.  The 1980s brought the first expansions of Citizens State Bank outside the confines of Henry County.

Rural changed its name in 1980 to City Savings & Loan Association to reflect its broader market.  When additional opportunities were perceived by changing the charter to “savings bank” status in 1984, the change was made and the institution became City Savings Bank.

The third generation of Maddoxes became involved in the various family banks.  John R. Maddox, Jr., became president of City Savings Bank in 1984.  Also in 1984, Gary J. Maddox, son of James Maddox, joined Citizens State Bank.

In 1986, with an eye towards bringing their institutions together, The Bank of Montpelier was renamed Pacesetter Bank of Montpelier and First National Bank was renamed Pacesetter Bank of Hartford City.  The three Blackford County banks – including their branches in Grant, Jay and Randolph Counties – were merged in 1997, becoming Pacesetter Bank.


Growth continued for the banks in the form of additional branches, improved technology, and consistently sound financial condition. 

Dan Maddox, son of John Maddox Jr., become the fourth generation of Maddoxes actively involved in the operations of the bank in 2008 as Chief Operating Officer and is currently the President as of January 1, 2016.  The strong family influence ensures that the “Hometown Banking” philosophy will continue to flourish for years to come.

Pacesetter Bank and Citizens State Bank were formally merged on September 21, 2013, and now operate as a single entity, Citizens State Bank.

Citizens State Bank is “Where Hometown Banking Takes Flight.”  Please contact us anytime and let us show you what that means!