/PRNewswire-FirstCall/ -- Citizens Trust Bank, the banking subsidiary of Citizens Bancshares Corporation, is pleased to announce the signing of a definitive agreement for its purchase of The Peoples Bank branch in Lithonia, Georgia. The agreement with The Peoples Bank provides for Citizens Trust Bank's purchase of approximately $51.5 million in deposits. Upon consummation of the purchase, which is subject to regulatory approvals, the Lithonia branch will become Citizens Trust Bank's 11th financial center and will be located at 3065 Stone Mountain Street. The acquisition of the branch is expected to be completed in the first half of 2009.
"We are looking forward to expanding our full banking services in the Lithonia market and welcome the opportunity to service the customers, who are currently banking at that location," stated James E. Young, President and CEO of Citizens Trust Bank. "We believe the purchase of this branch will add significantly to our already strong presence in DeKalb County."
Citizens Bancshares Corporation is a holding company that provides a full range of commercial and personal banking services to individual and corporate customers. Citizens Trust Bank, formed in 1921, is committed to enabling their customers and the community to realize dreams of economic empowerment. As a leader in the financial services industry, Citizens Trust Bank operates under a state charter and currently serves Georgia and Alabama with ten financial centers. As of September 30, 2008, Citizens Bancshares Corporation had total consolidated assets of approximately $335 million, net loans of approximately $212 million, total deposits of approximately $287 million, and shareholders' equity of approximately $33 million. For more information on Citizens Trust Bank please visit www.CTBconnect.com.
Sandler O'Neill + Partners L.P. served as financial advisor to Citizens Trust Bank in the acquisition and Hunton & Williams LLP served as legal advisor to Citizens Trust Bank.
Statements concerning future performance, events, expectations for growth and market forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties that might cause actual results to differ materially from stated expectations. Specific factors include, but are not limited to, the ability to continue to grow Citizens Trust Bank and the services it provides, the ability to successfully integrate new business lines and expand into new markets, competition in the marketplace and general economic conditions. The information contained in this release should be read in conjunction with the consolidated financial statements and notes included in Citizens Bancshares Corporation's most recent reports on Form 10-K and Form 10-Q, as filed with the Securities and Exchange Commission, as they may be amended from time to time. Results of operations for the most recent quarter are not necessarily indicative of operating results for any future periods. Any projections in this release are based on limited information currently available to management, which is subject to change. Although any such projections and the factors influencing them will likely change, the bank will not necessarily update the information, since management will only provide guidance at certain points during the year. Such information speaks only as of the date of this release. Additional information on these and other factors that could affect our financial results are included in filings by Citizens Bancshares Corporation with the Securities and Exchange Commission.
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Friday, December 12, 2008
Citizens Trust Bank Announces Purchase Agreement for a Full Service Branch in Lithonia, Georgia
Friday, November 21, 2008
Community Capital Bancshares Announces Third Quarter Results of Operations
/PRNewswire-FirstCall/ -- Community Capital Bancshares Inc. (Other OTC: ALBY) today announced a loss for the nine months ended September 30, 2008 of $5,325,000 or $1.74 per basic share. This compares with income of $35,000 or $0.01 per basic share for the nine months ended September 30, 2007. For the three months ended September 30, 2008, the Company incurred a loss of $3,059,000 or $0.99 per basic share, in comparison to the loss of $447,000 or $ 0.15 per basic share made during the same period of 2007.
Net income for the year has been negatively impacted by loan loss provisions of $4,380,000 necessary to provide for potential losses in the loan portfolio. For the nine months ended there have been $1,102,000 of losses and write downs of foreclosed property as compared to $90,000 in 2007. During the third quarter of 2008, the company recognized a loss of $936,000 due to other than temporary impairment on FNMA stock held in its investment portfolio.
Total assets as of September 30, 2008 were $198,933,000 as compared to $248,840,000 as of September 30, 2007. The decreased level of assets is the result of loan reductions and the efforts by the subsidiary Banks to remain compliant with the capital provisions of the Formal Agreements with the OCC.
John H. Monk Jr., President and CEO commented, "We continue to aggressively pursue the collection of our troubled loans. The current market conditions pose additional problems for the valuation and marketing of our troubled assets. We will continue to identify and dispose of these assets. We feel that we have sufficient capital levels to weather this storm. Our Tier 1 risk based capital ratio is over 17.5% at September 30, 2008. During the fourth quarter we will engage an independent valuation firm to test our Goodwill for possible impairment." John Monk continued, "We appreciate the continued support of our customers and look forward to continuing to serve them in the coming years."
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Tuesday, October 28, 2008
Georgia-Carolina Bancshares Announces Third Quarter Results
PRNewswire-FirstCall/ -- Georgia-Carolina Bancshares, Inc. (OTC:GECR) (BULLETIN BOARD: GECR) , parent company of First Bank of Georgia, reported today that net income increased 7.8% for the three months ended September 30, 2008. Net income totaled $966,000 ($.28 per diluted common share) compared to $896,000 ($.25 per diluted common share) for the three months ended September 30, 2007.
Net income for the nine months ended September 30, 2008 increased slightly. Net income totaled $2,584,000 ($.74 per diluted common share) compared to $2,562,000 ($.73 per diluted common share) for the nine months ended September 30, 2007.
Remer Y. Brinson III, President & CEO of the Company, stated, "We are extremely pleased with our results given the current state of the economy and the turmoil in the global credit markets. We believe our financial results reflect our conservative management style and the stability of the Augusta economy."
"The national media has recently been commenting that banks aren't making loans, but that's definitely not true, at least as it relates to First Bank. Naturally, we have experienced some decline in loan demand; however, total bank loans have grown moderately year to date. Deposit growth remains strong, particularly core deposits," Brinson continued.
"A key topic being discussed in the national media is exposure to sub-prime lending. First Bank of Georgia did not participate in sub-prime lending, either through the loan origination process or in purchasing sub-prime loans. Therefore, we do not have any sub-prime mortgage assets in our portfolio," Brinson reported.
"Another important subject that concerns our customers is FDIC insurance. In order to address this issue, First Bank of Georgia held a public seminar on October 2, 2008 to outline exactly how FDIC insurance works, how customers can structure their deposit accounts to maximize their insurance coverage, and alternatives to use if their deposits exceed FDIC coverage. We believe this type of personal and professional service separates us from the competition. In this day of 'self service' banking, it is important to have an informed, professional banker who can address an individual customer's unique needs," Brinson continued.
Georgia-Carolina Bancshares, Inc. is a bank holding company with $451 million in assets as of September 30, 2008. The Company owns First Bank of Georgia, which conducts banking operations through offices in Augusta, Columbia County, and Thomson, Georgia and mortgage originations through its offices in Augusta and Savannah, Georgia and Jacksonville, Florida.
Georgia-Carolina Bancshares' common stock is quoted on the OTC Bulletin Board under the symbol GECR.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which can generally be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," "anticipates," "plans" or similar expressions to identify forward-looking statements, and are made on the basis of management's plans and current analyses of the Company, its business and the industry as a whole. These forward-looking statements are subject to risks and uncertainties, including, but not limited to, economic and market conditions, competition, interest rate sensitivity and exposure to regulatory and legislative changes, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.
Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved. The Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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Monday, September 29, 2008
Community Capital Bancshares Announces Results of Director Elections
PRNewswire-FirstCall/ -- Charles M. Jones III, Chairman of the Board of Community Capital Bancshares Inc. (Other OTC: ALBY) announced today the final results of the election of directors at its annual meeting on September 24, 2008. Incumbent directors Glenn A. Dowling, Mary Helen Dykes, Mark M. Shoemaker and Lawrence B. Willson were re-elected by a majority of the votes cast at the annual meeting. Of the 3,074,555 shares outstanding, 2,043,212 or 66% were represented by valid proxies. The incumbent directors received 1,179,930 votes or 57.7% of the votes cast to secure re-election.
John H. Monk, Jr., president and CEO commented, "I am very pleased that these four experienced directors were re-elected to serve for another three year term. The current board is very active in our local markets. Their local knowledge and presence are a benefit to the Company as we work through these difficult times."
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Wednesday, July 30, 2008
Georgia-Carolina Bancshares Announces Second Quarter Results
PRNewswire-FirstCall/ -- Georgia-Carolina Bancshares, Inc. (BULLETIN BOARD: GECR) , parent company of First Bank of Georgia, reported today net income of $866,000 ($.25 per diluted common share) for the three months ended June 30, 2008, compared to $935,000 ($.27 per diluted common share) for the three months ended June 30, 2007.
Net income for the six months ended June 30, 2008 was $1,618,000 ($.46 per diluted common share) compared to $1,666,000 ($.48 per diluted common share) for the six months ended June 30, 2007.
Remer Y. Brinson III, President & CEO of the Company stated, "We are pleased with our results given the current state of the economy and interest rates. Due to the rapid decrease in interest rates by the Federal Reserve, our net interest margin has declined. This is the primary reason for the decrease in year over year quarterly income."
"Consumer and commercial loan growth has been strong during the first half of 2008, while residential mortgage and construction lending has slowed. We have also enjoyed a 14.7% growth in non-interest bearing deposits and a 17.50% growth in NOW accounts," Brinson continued.
"We feel that this growth is in response to our community bank model and our ATM Anywhere FREE Checking program which provides an automatic refund of other banks' ATM charges," Brinson said.
Georgia-Carolina Bancshares, Inc. is a bank holding company with $456 million in assets as of June 30, 2008. The Company owns First Bank of Georgia, which conducts banking operations through offices in Augusta, Columbia County, and Thomson, Georgia.
Georgia-Carolina Bancshares' common stock is quoted on the OTC Bulletin Board under the symbol GECR.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which can generally be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," "anticipates," "plans" or similar expressions to identify forward-looking statements, and are made on the basis of management's plans and current analyses of the Company, its business and the industry as a whole. These forward-looking statements are subject to risks and uncertainties, including, but not limited to, economic and market conditions, competition, interest rate sensitivity and exposure to regulatory and legislative changes, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.
