8k today
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 30, 2016
Citizens Bancshares Corporation
(Exact name of registrant as specified in its charter)
Georgia 333-38509 58-1631302
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
230 Peachtree Street NW, Atlanta, Georgia, USA 30303
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (404) 659-5959
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
? Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
? Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
? Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
? Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events
On January 4, 2017, Citizens Bancshares Corporation (the “Registrant”) issued a press release announcing it has repurchased its TARP Community Development Capital Initiative Series C Preferred Shares from the U.S. Department of the Treasury. A copy of the press release issued by the Registrant is filed herewith as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements, Pro Forma Information, and Exhibits
Exhibit 99.1
Press Release of Registrant, dated January 4, 2017, announcing repurchase of TARP Community Development Capital Initiative Series C Preferred Shares.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CITIZENS BANCSHARES CORPORATION
By: /s/ Cynthia N. Day
Cynthia N. Day
President and CEO
Dated: January 4, 2017
FOR IMMEDIATE RELEASE Exhibit 99.1
January 4, 2017
Citizens Bancshares Corporation Repurchase TARP Series C Preferred Shares
ATLANTA, January 4, 2017 /PRNewswire—FirstCall/ — 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.
Contact:
Citizens Bancshares Corporation
Samuel J. Cox, Chief Financial Officer
(404) 575-8306
SOURCE: Citizens Bancshares Corporation
