Profile: Citizens Financial Corp (CIWV.PK)
10 Mar 2014
Citizens Financial Corp. (Citizens), incorporated in 1986, is a bank holding company providing retail and commercial banking services primarily in central and eastern West Virginia. Citizens is the parent company and sole owner of Citizens National Bank of Elkins (the Bank). Citizens National Bank provides a range of retail and commercial banking services including demand, savings and time deposits; residential, consumer and commercial loans; letters of credit; safe deposit and wire transfer services; automated teller machines (ATM); telebanking, and Internet banking services. In addition, the bank operates a trust department and provides brokerage and financial planning services, as well as fixed rate residential mortgages.
The Bank’s offers three primary loan portfolios: real estate, commercial, and consumer. The real estate loan portfolio includes construction, home equity, residential mortgage, and commercial mortgage. Construction loans are made for the construction of residential or commercial properties and have short maturity intervals of one year or less. Home equity loans are issued on residential properties. Residential mortgage loans are made for the purchase or refinancing of single family homes. Commercial real estate loans consist of commercial mortgages which are secured by nonresidential and multifamily (five or more) residential properties. These loans are made to local businesses. The commercial loan portfolio consists of loans to local businesses and is secured by liens on accounts receivable, inventory, machinery and equipment, or other business assets. Consumer loans are made to individuals for the financing of household and personal needs, often the purchase of a car. Loan terms on consumer loans are three to six years.
The Bank’s investment portfolio include securities of the United States government or its agencies having maturities of less than ten years; bank qualified, investment grade municipal obligations maturing in less than twenty years; investment grade corporate bonds with maturities of five years or less; and mortgage backed obligations of the federal government having an average life of under 10 years.
The Bank primary source of funding is provided by its deposit base. It offers a variety of deposit products including demand deposits, savings, and time deposits to customers in its market area. The Bank offers Internet banking, telebanking and ATM services.
Citizens Financial Corp
213 Third Street
ELKINS WV 26241