Citizens Financial Services ( CITZ) set plans to change its name to Citizens Financial Bank.

The Munster, Ind., bank, whose parent had been called CFS Bancorp, said its board and its federal regulator approved the change.

"Our Board feels strongly that this name change reflects our continued focus on our core business of providing community-oriented retail and commercial banking services," said CEO Thomas Prisby. "We expect that the new name will help members of the newer communities that we serve to better understand who we are and what we do."

On Monday, CFS shares rose 7 cents to $13.87.