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Our History It was in 1919 when a group of five foresighted men envisioned a bank which would primarily serve the black citizens of Atlanta. These "fervent five," led by businessman Heman E. Perry, pooled their time, money and resources to develop a bank which would offer its customers improved financial security. Perry had founded the Standard Life Insurance Company in 1909. By 1921 it had grown to become the largest black insurance company in America. Seeing the need to expand the scope of his insurance company into other fields of business for minorities, Perry began organizing subsidiaries of Standard Life. The first was a holding company, the Service Company, organized in 1917. Some of the new enterprises originated by his holding company were the Service Pharmacies, the Service Laundries, Service Printing Company, and the Service Realty and Development Company. As a part of this expansion into the future, the Fervent Five, Perry, James A. Robinson, Thomas J. Ferguson, W.H. King and H.C. Dugas on August 16, 1921 opened the doors of Citizens Trust Company on "Sweet" Auburn Avenue. And a new kind of trust was born. At the time the bank received its charter the Atlanta Journal wrote, "Promoters of the Citizens Trust Co., have been granted a charter for the immediate organization of the institution a bank with $500,000 capital stock all of which is said to have been already subscribed by Negro citizens." The early years at Citizens Trust were ones of excitement, pride and joy. Customers eagerly lined up to make deposits of their hard-earned money into a bank which they could call their own. The goals of the bank were three-fold: to promote financial stability and business development; to stress the principles of thrift; and to make home ownership possible for a larger number of people. As a new bank, Citizens Trust had to overcome many obstacles, which were inherent in serving a low-income, economically disadvantaged community. An even greater challenge to overcome, however, was the severe economic depression of the late 1920's and early 1930's. Many banks closed during this period, never to open again. But Citizens Trust, blessed with strong management under the leadership of President L.D. Milton, and supported by a resounding trust from its customers, survived. Though young and struggling, the bank had hopes for a brighter future - a future which did indeed come. Mr. Milton became president during 1926. Under his leadership Citizens Trust Company survived the 1929 stock market crash. The Bank financed the Morris Brown subdivision and homes in the Mozley Park, Bankhead and Hightower Road Communities. The construction of the 12 story Citizens Trust Bank Building was completed under his tenure. In fact, Citizens Building Corporation was first formed on February 26, 1968 with the initial investment in its common stock coming from Citizens Trust Company. Citizens Building Corporation established with Mr. Milton as president and other offices filled by Citizens Trust officers. The purpose of this corporation was to build and manage the Citizens Trust Company Building. The board of directors consisted entirely of directors from Citizens Trust. The warranty deed was conveyed to the Building Corporation from Citizens Trust. Changing of the Guard In 1971, Citizens Trust Company became Citizens Bancshares Corporation (a holding company), parent of Citizens Trust Bank. The organizational change was spearheaded in September 1971 by the bank's new President and CEO Charles McKinley Reynolds. When Mr. Reynolds replaced the retiring L.D. Milton as the bank's new chief executive, Citizens Trust was one of the largest african american owned commercial banks in the country with some $32 million in assets. By the year's end the newly formed Citizens Trust Bank had assets of over $34 million and agreed to the purchase of Atlanta Mortgage Brokerage and Servicing Company. This move allowed the bank to become more competitive in the mortgage origination and servicing business. Mr. Reynolds also expanded the bank's branch network, which was the first expansion since the 1950's. The Adamsville Branch was authorized by resolution of the board of directors on December 22, 1971. The branch was opened in 1972 at the intersection of Gordon and Fairburn Roads. In 1975, I. Owen Funderburg became the Bank's fourth president. Under his leadership, the Bank opened in-store branches, installed ATMs, and brought the technology of the bank into a new era. Funderburg doubled operations from approximately $60 million to over $100 million. During the Funderburg Administration, the Bank was named as 1985 Bank of the Year by Black Enterprise Magazine. |