PAINTSVILLE, Ky., Dec. 22, 2014 /PRNewswire/ -- Citizens National Corporation (OTCQB: CZNL), the holding company for Citizens National Bank, Paintsville, Kentucky, announced today it completed its acquisition of Peoples Security Bancorp, Inc., the holding company for The Peoples Security Bank of Louisa, Louisa, Kentucky, and the subsequent merger of The Peoples Security Bank of Louisa, Louisa, Kentucky with Citizens National bank, Paintsville, Kentucky, Citizens' wholly owned banking subsidiary. Citizens closed the acquisition for $681.98 per share, based upon Peoples Security's shareholder equity as of the Closing.
Through its subsidiary, Citizens National Bank, Citizens now operates 13 offices throughout Boyd, Carter, Floyd, Greenup, Johnson, Lawrence, Magoffin and Pike Counties, with approximately $575 million in assets and $460 million in deposits.
"We are excited to enter the Lawrence County market with physical locations and look forward to bringing our financial services and product offerings to a broader base of customers within Lawrence County," said V. Burton Bellamy, President & CEO of Citizens National Bank. "Customers can expect a commitment to service and excellence from Citizens National Bank."
Frost Brown Todd LLC, Louisville, Kentucky, served as legal counsel to Citizens National Corporation and VanAntwerp, Monge, Jones, Edwards & McCann, LLP, Ashland, Kentucky, served as legal counsel to Peoples Security Bancorp, Inc.
Statements in this news release which are not historical facts are forward-looking statements. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors.
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SOURCE Citizens National Corporation