Citizens Trust Bank: 2020 Black-Owned-Bank Review

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Citizens Trust Bank is a black-owned bank headquartered in Atlanta, Georgia with assets totaling $429 million. Founded in 1921 by five black businessmen, Citizens Trust Bank is considered a medium-sized bank.

Citizens Trust Bank has nine total branches in Alabama and Georgia. Customers can choose from a variety of financial products like checking and savings accounts, money market accounts, mortgage products, and credit cards.

If you're interested in supporting a black-owned bank but don't have one in your area, consider OneUnited Bank. OneUnited Bank is the nation's first Black-Owned Internet Bank. People can open an account in any state and get started with checking, savings or a credit card account at OneUnited Bank. Checking accounts with direct deposit offer a unique get paid early feature with early direct deposit plus OneUnited Bank offers a second chance checking account.

Healthy financial living is Citizens Trust Bank's number one priority and there are many options to manage your money.

Who Is Citizens Trust Bank Best For?

  • Customers that enjoy innovative solutions to personal financial issues.
  • Customers that want their financial institution involved with community development.
  • Customers that want a banking experience and high engagement.

Citizens Trust Bank's Financial Products

Types of Accounts

  • Checking Accounts
  • Savings Accounts
  • Credit Cards
  • Personal Loans
  • Mortgage Loans
  • Business Checking
  • Investment Options
  • Business Credit Cards

Checking Account Details

Citizens Trust Bank gives you several checking account options. All checking accounts include access to direct deposit, online and mobile banking, account alerts, e-Statements, and overdraft privilege. Checking accounts require a $50 minimum opening deposit.

Savings Account Details

Take charge of your financial future with several savings options. Choose from a regular savings account, money market account, children's savings, college savings, and even a Christmas savings account.

Credit Card Details

Citizens Trust Bank offers three credit card options.

  • Visa Prestige Elite credit card: Offers a lower rate for customers who plan to carry a balance, need financing options for unexpected expenses or for making everyday purchases.
  • Credit Card VISA® Privilege: Offers an unsecured credit-builder tool for customers that had past credit issues.
  • Credit Card Visa® Classic Secured: Offers a secured credit-builder tool for customers that need help building a positive credit history through responsible use.

Personal Loan Details

From debt consolidation, vacations, and home improvement projects, to car expenses or anything in between, Citizens Trust Bank offers low-interest personal loans, auto loans, as well as home equity lines of credit. No matter what your need Citizens Trust Bank will work with you to find a solution.

Mortgage Loan Details

Choose from a wide range of mortgage loan options that include:

  • FHA Loans: Mortgage loans offered through FHA that allow lower credit scores.
  • First-time Homebuyers: Up to $5,000 in funds provided to individuals, who have had no ownership in a principal residence during the 3-year period.
  • Conventional Loans: A loan insured by investors such as Fannie Mae and Freddie Mac.
  • Jumbo Mortgages: Mortgage loans that exceed limits set by Fannie Mae and Freddie Mac — currently $510,400 for a single-family home in all states except Hawaii and Alaska. Both Alaska and Hawaii are designated high-cost areas and the limit is $765,600.
  • VA Loans: 100% financing offered to veterans purchasing homes only.
  • 80/10/10: For buyers who want to avoid mortgage insurance, this option allows the buyer to take the first mortgage on a home for 80% of the loan amount, 2nd mortgage for 10% of the loan amount, and to put 10% for down payment.

Business Account Details

Small business owners are the heart of communities across America. Citizens Trust Bank offers several business checking accounts to fit a small business owner's needs. Small for-profit business checking accounts require a $100 minimum opening deposit.

Individual retirement accounts

If you’re saving for retirement, an Individual Retirement Account can help you save on your present taxes by deducting your qualified contributions from your taxable income. Depending on your situation, you may be able to deduct all or part of their IRA contributions from current income taxes.

Business Credit Card

Keep track of your business' expenses with the CTB Visa® Business Card. Get detailed spending reports, separate your personal and business expenses and easily manage cash flow. Detailed spending reports provide an accurate, comprehensive, and easy-to-read record of how much you’re spending. Reports are available quarterly or annually.

Citizens Trust Bank is committed to economic growth

Citizens Trust Bank is a federally certified Community Development Financial Institutions Fund (CDFI Fund). That means Citizens Trust Bank gets federal financial assistance in the form of loans, grants, equity investments, deposits, and credit union shares to meet the needs of the communities they serve.

CDFIs are required to match dollar-for-dollar with non-federal funds which enable CDFIs to multiply the impact of federal investment to meet the demand for affordable financial products in economically distressed communities.

Final thoughts

Citizens Trust Bank is committed to impacting the surrounding communities. It's a great place to park your money if you live in the areas where they serve. Unfortunately, their financial products are not available throughout America.

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