ATLANTA, Jan. 4, 2017 /PRNewswire/ -- Citizens Bancshares
Corporation (OTCPink: CZBS) (the "Company"), the parent company of Citizens Trust Bank (CTB), announced today it has repurchased,
at a discount, its TARP Community Development Capital Initiative ("CDCI") Series C Preferred Shares from the U.S. Department of
the Treasury ("Treasury"). The Company issued 4,379 shares of its Series C Preferred Shares to Treasury for $4,379,000 on September 17, 2010 under its TARP CDCI Program. The Company
repurchased the Series C Preferred Shares for $4,227,049, representing a $151,951 discount, and paid all accrued and unpaid dividends totaling $10,948.
The funds for the repurchase came from existing financial resources of the Company. The Company's Series B Preferred Shares
issued to Treasury totaling 7,462 shares remains outstanding.
Cynthia N. Day, President and Chief Executive Officer, stated "We are pleased that our capital
position provides us with the capability to repurchase our Series C Preferred Securities from Treasury at a discount which
reinforces our commitment to creating sustained long-term shareholder value. Our capital ratios after the repurchase continue to
exceed the requirements for well-capitalized banks."
Since its inception, the Citizens Trust Bank has remained dedicated to the growth and development of communities by providing
quality financial solutions and extraordinary service. The Bank takes pride in offering its financial solutions throughout
metropolitan Atlanta and Columbus, Georgia, and Birmingham and Eutaw, Alabama. Through its parent company, Citizens
Bancshares Corporation, the Bank offers its common stock over-the-counter to the general public under the trading symbol CZBS and
can be found on the web at www.CTBconnect.com.
This release contains certain forward-looking statements with respect to the financial condition, results of operations and
business of the Company and the Bank. These forward-looking statements involve risks and uncertainties and are based on the
beliefs and assumptions of management of the Company and the Bank and on the information available to management at the time that
these disclosures were prepared. These statements can be identified by the use of words like "expect," "anticipate," "estimate"
and "believe," variations of these words and other similar expressions. Readers should not place undue reliance on
forward-looking statements as a number of important factors could cause actual results to differ materially from those in the
forward-looking statements. Neither the Company nor the Bank undertakes an obligation to update any forward-looking
statements.
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SOURCE Citizens Bancshares Corporation