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CITIZENS BANK & TRUST COMPANY
HISTORY
The history of our bank traces back to the first financial institution in
Big Timber. In 1890 William Shanks and Thomas Lee placed some private
funds in an office safe and for a while did a loan business. The
following year Shanks helped organize and became Vice President of Big
Timber National Bank. In 1913 Big Timber National was reorganized as
Commercial Bank and Trust Company. Early day Big Timber luminaries, C.T.
Busha and Oscar Nepstad were bank directors. You will note Busha Street
in Big Timber and Nepstad Ditch on area maps.
Citizens State Bank was incorporated in 1906. Its principal founder, an
Irish immigrant named Charles McDonnell walked into Sweet Grass County
behind a band of sheep in the 1870s and became a prosperous land owner,
business man, and state Senator. His granddaughter, Mary Ellen Cremer,
is one of our current directors.
In 1927, Citizen State Bank and Commercial Bank & Trust Company merged
into Citizens Bank & Trust Company. At that time, Anthony Arneson, who
had been President and principal stockholder of the Commercial Bank
became President of the new bank. Arneson, a second generation American
of Norwegian descent, got off the train in Big Timber in 1889 or ’90.
For a while, he worked as a hod carrier during the construction of the
Grand Hotel. Then, using borrowed money he bought a half interest in a
small ranch on Swamp Creek north of town. At the same time he took up a
320-acre homestead on nearby open range. Eventually, he became one of
the largest landowners in the area.
Our Continental branch, formerly Continental National Bank in Harlowton,
Montana traces its roots back to 1905 when Benjamin Urner started a
private bank. This was three years before the Milwaukee Road arrived. In
1906 Urner’s bank was chartered as the State Bank of Harlowton and built
a two story building. In 1917 the bank was purchased by Weyburn Security
Banking Company and renamed Continental Bank and Trust Company. C. A.
Johnson became manager. Norwest Bancorporation purchased the bank in
1930 and renamed it Continental National Bank. A month later, they
absorbed Farmers National Bank of Harlowton. In 1947 a group of local
investors bought the bank and operated it as an independent bank for
over 60 years. In 1998, Continental National opened a branch in nearby
Ryegate.
In the summer of 2008, the stockholders of Citizens Bank and Trust
Company in Big Timber purchased all the stock from the Continental
shareholders and merged the two banks.
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