History of CSB

On December 2, 1902, a Certificate of Authority to Commence Business was issued, along with 500 stock certificates to our 18 original Central Savings Bank shareholders.

June of 1904, CSB merged with Chippewa County Savings Bank.  

In 1908, CSB’s financial statement declared a total capital of $100,000, with assets totaling $345,198.

July 20, 1926, CSB assumed the deposits and took over the assets of the Brimley State Bank.

In 1972, CSB opened the doors to its first branch office in DeTour Village, Michigan.

On November 3, 1975, Central Savings Bank’s Main office relocated to its current location at 511 Bingham Avenue, from the corner of Ashmun and Spruce Streets.  

In 1989, a second branch was built and opened in Kincheloe, Michigan.

In early 1990, the second floor was added to the Main office on Bingham Avenue.

In late 1990, an acquisition with First America Bank lead to having a branch in Pickford, Michigan.

In 1999, CSB acquired branches in Rudyard, Michigan and Cedarville, Michigan from North Country Bank & Trust.

In 2001, CSB acquired two more branches from North Country Bank & Trust located in St. Ignace, Michigan and on the Jewel of the Great Lakes, Mackinac Island, Michigan.

In November of 2002, the doors opened to the second Sault Ste. Marie locations, the Business Spur branch office at 3501 I-75 Business Spur.

On December 2, 2002, CSB commemorated our 100th anniversary with a drawing for 100 prizes, drawn live on WSOO 1230AM with Bill Thorne.

In 2010, CEO, W.W. “Frenchie” LaJoie retired after 52 years of service, replaced by Ronald L. Meister, President, an employee since 1973.  

In 2019, a major remodel of the first floor at the Main office took place and created the concept of the Universal Banker with the use of new technology, the Cash Recycler.

In 2021, Ronald L. Meister, CEO retired after 48 years of service, replaced by Mark Savoie, CEO & President, an employee since 1993.

Central Savings Bank has 9 locations with over 60 employees and more than $400 million in assets.  The Bank is very involved in the communities it serves with organizations like United Way of the EUP, MyMichigan Medical Center Sault’s Road to Recovery, Relay For Life of the EUP, the schools near its branches and many other local causes annually.