Published:
Citizens South Banking Corporation Applies for Funds Under U.S. Treasury Capital Purchase Program
GASTONIA, N.C., Nov. 21 /PRNewswire-FirstCall/ -- Citizens South Banking
Corporation (Nasdaq: CSBC), reported today that it had applied for the sale of
up to $20 million of preferred stock and related warrants to the U.S. Treasury
under the Capital Purchase Program of the Emergency Economic Stabilization Act
of 2008 ("the CPP"). Kim Price, President and Chief Executive Officer,
stated, "Citizens South is a well-capitalized and profitable bank with capital
levels that significantly exceed all regulatory standards. Participating in
the CPP will further strengthen our Company and allow us to continue to expand
our market presence in theCharlotte metropolitan area."
Citizens South Banking Corporation is the parent corporation for Citizens
South Bank, which was established in 1904 and is headquartered inGastonia,
North Carolina. The Bank has 15 full-service banking offices located in the
Charlotte, North Carolina region. At September 30, 2008, the Company had
consolidated assets of $823 million, net loans of $621 million, total deposits
of $585 million and stockholders' equity of $83 million. Additional
information concerning Citizens South may be accessed at
www.citizenssouth.com.
Forward-looking Statements
This news release contains certain forward-looking statements which
include, but are not limited to, statements of our earnings expectations,
statements regarding our operating strategy, and estimates of our future costs
and benefits. These forward-looking statements are based on our current
beliefs and expectations and are inherently subject to significant business,
economic and competitive uncertainties and contingencies, many of which are
beyond our control. In addition, these forward-looking statements are subject
to assumptions with respect to future business strategies and decisions that
are subject to change. Forward-looking statements speak only as of the date
they are made and the Company is under no duty to update these forward-looking
statements to reflect circumstances or events that occur after the date of the
forward-looking statements or to reflect the occurrence of unanticipated
events. A number of factors could cause actual conditions, events or results
to differ significantly from those described in the forward-looking
statements. Factors that could cause such a difference include, but are not
limited to, changes in general economic conditions - either locally or
nationally, competition among depository and financial institutions, the
continuation of current revenue and expense trends, unforeseen changes in the
Company's markets, and legal, regulatory, or accounting changes. The
Company's reports filed from time to time with the Securities and Exchange
Commission, including the Company's Form 10-K for the year ended December 31,
2007, describe some of these factors.
SOURCE Citizens South Banking Corporation
Copyright © 2009, PRNewswire
Copyright © 2009, NewsBlaze,
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