GASTONIA, N.C., Nov. 21 /PRNewswire-FirstCall/ -- Citizens South Banking Corporation , 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 the Charlotte metropolitan area."
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 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 http://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.
