Citizens South Banking Corporation announced today that Citizens South Bank has acquired the banking operations of Hiawassee, Georgia-based Bank of Hiawassee in a Federal Deposit Insurance Corporation assisted transaction. Citizens South Banking Corp. trades on the “NASDAQ” under the stock symbol “CSBC”. For More information regarding “CSBC”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Citizens South Banking Corporation (NASDAQ:CSBC), the parent company for Citizens South Bank, announced today that Citizens South Bank has acquired the banking operations of Hiawassee, Georgia-based Bank of Hiawassee in a Federal Deposit Insurance Corporation (FDIC) assisted transaction. Under the terms of the transaction, Citizens South will receive approximately $300 million in assets, including $227 million in loans, and assume $324 million in liabilities, including $295 million in deposits of Hiawassee. The FDIC and Citizens South have entered into a loss sharing agreement covering substantially all acquired loans.
"We are very pleased to welcome Hiawassee customers and associates to the Citizens South family," said Citizens South Bank President and Chief Executive Officer Kim S. Price. "We respect the rich 100+ year heritage of Bank of Hiawassee and pledge to continue their legacy of customer and community service. Hiawassee depositors can rest assured that their deposits remain safe, secure and accessible. The FDIC continues to insure their deposits to the fullest extent permitted, reinforced by the security and strength of Citizens South."
About Citizens South Banking Corp:
Citizens South Bank was founded in 1904 and is headquartered in Gastonia, NC. Deposits are FDIC insured up to applicable regulatory limits. At December 31, 2009, the Company had $791.5 million in assets with 16 full-service offices in the Charlotte region, including Gaston, Iredell, Rowan, Mecklenburg, and Union counties in North Carolina, and York County, South Carolina. Citizens South Bank is an Equal Housing Lender and Member, FDIC. The Bank is a wholly-owned subsidiary of Citizens South Banking Corporation, and shares of the common stock of the Company trade on the NASDAQ Global Market under the ticker symbol "CSBC". The Company maintains a website at http://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.
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