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LOMBARD, IL, June 28, 2018 - Citizens Bank of Chatsworth, a 118-year old family-owned community bank in Illinois, announced today the completion of their recapitalization by a private investor group introduced by Bank Advisors Ltd.
In announcing the news, Ann Mosley, Chairman of Citizens Bank of Chatsworth commented, “The efforts of Bank Advisors to help recapitalize our bank are allowing us to continue to serve this local economy. We have deep roots in this area and are proud to know our neighbors. We are forever grateful for this opportunity to continue to keep our bank a true community bank and serve our neighbors.”
John Cresto, Bank Advisors Ltd. President commented, “My partner Jeff Sondgeroth and I are very pleased to have been able to introduce an investor group client to recapitalize Citizens Bank of Chatsworth and to shepherd that investor group through the many regulatory hurdles presented. During this process, we have come to respect and admire the people at Citizens Bank greatly; and in particular their Chairman Anne Mosley, the great-granddaughter of the bank’s founder Thomas Herr. Our investor group client is committed to community banking and the preservation and continuity of the community banking model. Anne will continue as Chairman into the future, and all current employees and directors of Citizens Bank will remain in their current roles after the recapitalization. “
About Citizens Bank of Chatsworth
Citizens Bank of Chatsworth was formed in 1903 by Stephen Herr, a prosperous local farmer. At a time when the security of bank deposits was a serious concern of banking clients everywhere, and long before the FDIC existed, Mr. Herr took a bold step to ensure his loyalty to his depositors. In 1915, he pledged his family's private farmland and established the Stephen Herr Banking Fund, which insured his customer's deposits by backing them with his assets.
Citizens Bank of Chatsworth remains committed to their customers and the greater Livingston and McClean County market. With branches in Chatsworth and Normal Illinois, the bank employs 13 residents.
About Bank Advisors Ltd.
Bank Advisors Ltd. was formed in 2005 with the goal of providing comprehensive advisory services to the Banking community. Our business model provides clients with a holistic approach to regulatory compliance, ongoing risk management, and capital objectives. Services range from very specialized projects, including Regulatory Order Compliance and Bank M&A Project Management to current needs including Loan Review, Appraisal Review, Outsourced Underwriting, ALCO Review, ABL Field Audits, and Internal Audits.