The Most Powerful Women in Banking: No. 18, Jill Castilla, Citizens Bank of Edmond

Jill Castilla knows all too well the financial hurdles military members face. Not only has she served in the U.S. Army and the Oklahoma Army National Guard as a construction and civil engineer, but almost every member of her immediate family is a veteran or is currently serving in the armed forces.

A pivotal moment for Castilla came when she was 19 and in basic training. A close family member forged and cashed thousands of dollars in checks in her name. Not realizing she had any recourse against the fraud, Castilla lost her life savings, an experience she said "nearly destroyed me financially and emotionally." 

Castilla has shared her experience widely and, in return, has heard "countless" similar stories. "An entry level private makes just under $22,000 a year," Castilla told American Banker. "Many are coming, like me, from desperate situations, with little financial literacy tools surrounding them when they enter the service. And so they're very vulnerable to someone taking advantage of them."

To help newly enlisted military personnel manage their money more wisely and securely, Castilla and her team — more than 20% of whom have served in the military themselves — spent much of 2022 developing Roger. The online banking platform features banking services, financial literacy tools, fraud protection and a lending arm that seeks to streamline the often-frustrating Veterans Administration (VA) loan process. Developed with fintech firm Nymbus, the online bank began taking deposits in August, with a goal of securing 1,900 users in its first year of operation.

Castilla joined Citizens Bank of Edmond in 2009 and became its CEO and president in 2014. The bank, with its one location in an Oklahoma City suburb (situated near several military bases) reported assets of $388 million in 2022, up from $358 million the year before.

A staunch advocate for community banks, Castilla was appointed to the Federal Reserve's Federal Advisory Council last year for the Kansas City District, which includes Oklahoma, Colorado, Kansas, Nebraska, Wyoming and parts of Missouri and New Mexico. As the only community banker on the 12-person council, she travels quarterly to Washington, D.C., to represent regional banks on topics ranging from the effect of rising interest rates on loan markets to inflation.  

"From an asset size standpoint, [community banks] are dominated by the larger institutions and so as a result, the political capital and influence that the larger institutions have can exceed ours," Castilla told The Oklahoman after she was appointed to the Federal Advisory Council. "When communities unite and we're able to really represent the voices of the communities that we represent, we can be very effective." 

Castilla's commitment to community banking was also front and center following the collapse of Silicon Valley Bank and Signature Bank last spring. She launched a video series on her X, formerly known as Twitter, account discussing uninsured deposits, liquidity and bank management, among other topics. 

Citizens has no plans to add brick and mortar branches, but Castilla is looking to expand the bank's reach by focusing on projects like Roger, which have the potential to draw digital customers from across the U.S. 

"We're not out there striving to be a national bank," Castilla told American Banker, "but we want to provide access to those nationally to bank with us."