Citizens Holding Company Completes Merger with Charter Bank
October 01 2019 - 9:00AM
Business Wire
Citizens Holding Company (“Citizens”) (Nasdaq: CIZN), the parent
company of The Citizens Bank of Philadelphia (“Citizens Bank”)
announced today that it has completed its merger with Charter Bank
(“Charter”), effective October 1, 2019. The combined company now
has approximately $1.2 billion in total assets with 28 offices
spread throughout Mississippi.
“We are excited to have completed our merger with Charter Bank.
This merger expands our presence on the Mississippi Gulf Coast and
we also believe this merger will benefit both Charter’s and our
existing clients with expanded locations, services and products. We
look forward to building an even stronger community bank with
Charter being a part of the Citizens Bank family,” commented
Gregory L. McKee, President & Chief Executive Officer of
Citizens.
Founded in 2008, Charter has 4 locations throughout the
Mississippi Gulf Coast region. As of June 30, 2019, Charter had
approximately $154 million in total assets, approximately $104
million in loans and $128 million in total deposits.
About Citizens Holding Company
Citizens Holding Company, headquartered in Philadelphia,
Mississippi, is a financial holding company that owns The Citizens
Bank of Philadelphia. Citizens currently has 24 banking locations
in Mississippi and offers full-service commercial banking, mortgage
lending and title insurance services in addition to a full range of
Internet banking services. As of June 30, 2019, Citizens had $1.0
billion in total assets, $795 million in deposits, and $466 million
in gross loans. For additional information, locations and hours of
operation, please visit the Bank’s website,
www.thecitizensbankphila.com.
Citizens stock is listed on the NASDAQ Global Market and is
traded under the symbol CIZN. The Company’s transfer agent is
American Stock Transfer & Trust Company. Information about
Citizens may be obtained by accessing its corporate website at
www.citizensholdingcompany.com.
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements
other than statements of historical facts included in this release
regarding the Company’s or Charter’s financial position, results of
operations, business strategies, plans, objectives and expectations
for future operations, are forward looking statements. The Company
can give no assurances that the assumptions upon which such
forward-looking statements are based will prove to have been
correct. Forward-looking statements speak only as of the date they
are made. The Company does not undertake a duty to update
forward-looking statements to reflect circumstances or events that
occur after the date the forward-looking statements are made. Such
forward-looking statements are subject to certain risks,
uncertainties and assumptions. The risks and uncertainties that may
affect the operation, performance, development and results of the
Company’s and the Bank’s business include, but are not limited to,
the following: (a) the risk of adverse changes in business
conditions in the banking industry generally and in the specific
markets in which the Company operates; (b) changes in the
legislative and regulatory environment that negatively impact the
Company and Bank through increased operating expenses; (c)
increased competition from other financial institutions; (d) the
impact of technological advances; (e) expectations about the
movement of interest rates, including actions that may be taken by
the Federal Reserve Board in response to changing economic
conditions; (f) changes in asset quality and loan demand; (g)
expectations about overall economic strength and the performance of
the economics in the Company’s market area; and (h) other risks
detailed from time to time in the Company’s filings with the
Securities and Exchange Commission. Should one or more of these
risks materialize or should any such underlying assumptions prove
to be significantly different, actual results may vary
significantly from those anticipated, estimated, projected or
expected.
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version on businesswire.com: https://www.businesswire.com/news/home/20191001005316/en/
Citizens Holding Company, Philadelphia Robert T. Smith,
601/656-4692 rsmith@tcbphila.com
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