Citizens South Banking Corporation Repays TARP Funds
22 Septembre 2011 - 10:00PM
Kim S. Price, President and Chief Executive Officer of Citizens
South Banking Corporation (the "Company"), (Nasdaq:CSBC), announced
today that the Company has redeemed all of the preferred stock
issued to the United States Department of the Treasury ("Treasury")
in December 2008 under the Capital Purchase Program, a part of the
Troubled Asset Relief Program ("TARP"). At the height of the
financial crisis in 2008, the Company accepted an investment from
the Treasury and created a special residential mortgage program to
assist consumers and homebuilders in securing home
financing. The program caught the eye of the national news
media and was featured in the Washington Post and on the NBC
Nightly News with Brian Williams. Since receiving the
investment, Citizens South Bank has originated more than $11.9
million in the special residential mortgage loan
program. Also, the Company has paid $1.9 million in dividend
payments to the Treasury under the Capital Purchase Program.
President Price commented, "With the financial and mortgage
markets now on much stronger footing, and with mortgage rates at
historic lows, we felt the time was right to repay the Treasury's
TARP investment in full. We are pleased that our
participation in the Small Business Lending Fund ("SBLF") program,
effective today, has enabled us to repay the TARP investment.
We believe our participation in the SBLF program will further
permit us to help our economy and our communities by focusing our
lending efforts on small business loans in an effort to assist in
creating jobs."
Citizens South Banking Corporation is the parent corporation for
Citizens South Bank, which was established in 1904 and is
headquartered in Gastonia, North Carolina. The Bank has 21
full-service banking offices located in the Charlotte, North
Carolina and North Georgia regions. Deposits are FDIC insured
up to the applicable regulatory limit. At June 30, 2011, the
Company had consolidated assets in excess of $1.1 billion, total
loans of $750.6 million and total deposits of $904.6
million. The Company maintains a website at
www.citizenssouth.com that includes information on the Company,
along with a list of products and services, branch locations,
current financial information, and links to the Company's filings
with the SEC.
The Citizens South Banking Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7099
Cautionary Statement Regarding Forward-looking Statements
This press 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, significant changes in interest rates,
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, 2010, describe
some of these factors.
CONTACT: Kim S. Price
(704) 884-2260
Kim.price@citizenssouth.com
Citizens South Banking Corp. (MM) (NASDAQ:CSBC)
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