Citizens Bank exceeds $1 billion in assets; CEO Phil Baldwin set to retire

Batesville-based Citizens Bank has exceeded $1 billion in total assets, according to the company. CEO Phil Baldwin also announced plans to retire in 2021.

“Exceeding $1 billion in total assets is a major milestone and a testament to the confidence our customers have in the people of Citizens Bank,” said Baldwin. “Board Chairman Jeff Teague set this as a primary goal when he asked me to join Citizens Bank and I am proud we have achieved this goal together. To us, it’s not just about reaching a billion dollars in size, it’s about fulfilling the bank’s mission statement, which is ‘people first.’”

Under Baldwin’s leadership since 2014, Citizens Bank has more than doubled total assets and net income.

“Phil has been instrumental in helping grow Citizens Bank into a statewide banking organization,” said Teague, Citizens Bank board chairman. “Thanks to his leadership, Citizens has grown to become one of Arkansas’ most trusted community banks. He is a true leader and pillar of the community, and is leaving us with big shoes to fill. We’re thankful we have another year with him as we transition to the next generation of leaders committed to putting people first.”

Baldwin will retire as Chief Executive Officer on June 30, 2021 but will remain as a member of the board of directors.

Citizens Bank president and chief lending officer Adam Mitchell has been named as his successor. Mitchell has been working alongside Baldwin since 2018.

With nearly 20 years of experience in the banking industry, Mitchell came to Citizens from Simmons Bank where he served as executive vice president and chief retail officer responsible for overseeing branch performance, staffing and service and sales delivery for more than 190 locations across seven states. He was also responsible for the treasury management sales team throughout the Simmons Bank System.