|
 Citizens Bancshares Corporation, the holding company for The Citizens Bank, and Plantation Financial Corporation, the holding company for Plantation Federal Bank are pleased to announce they have received all required regulatory approvals for The Citizens Bank to acquire the branch location of the full-service, Georgetown, SC branch of Plantation Federal. The acquisition of the branch is expected to be consummated at close of business on August 5, 2011.
H. Blake Gibbons, Jr., President of The Citizens Bank, commented: "We look forward to working with the customers and employees of the Georgetown office to carry forward Citizens' traditions of strong community banking and premier customer service."
"This transaction reflects our continuing efforts to focus on improving the cost efficiency of our franchise. We believe the branch sale combined with our existing capital raise will restore the bank to a well-capitalized position and create value for our shareholders," said Plantation Federal President, Andrew Johnson. "We are confident Citizens Bank will provide Georgetown area customers in-market convenience and an equally high level of community banking service."
Upon completion of the acquisition, Georgetown customers will have access to all of The Citizens Bank's personal and business offerings including; ATMs, debit cards, phone banking, internet banking, alternative investments, secondary mortgage loans and many additional products.
The Citizens Bank is headquartered in Olanta, SC. Founded in 1943, The Citizens Bank has established itself as a leading community bank by delivering an old-fashioned style of service coupled with modern day financial products. Following the acquisition, The Citizens Bank will have fourteen branches located throughout SC: Olanta, Turbeville, St. George, Lake City, Scranton, Sumter, Pawleys Island, Timmonsville, Lynchburg, Florence (2), Pamplico, Johnsonville and Georgetown.
Plantation Federal Bank is headquartered in Pawleys Island, SC. Founded in 1986, Plantation Federal Bank grew rapidly with its neighborhood banking plan in the lowcountry and upstate regions of the state. Following the sale, Plantation Federal will continue to operate its banking locations in Pawleys Island, Murrells Inlet and Myrtle Beach, SC, in addition to its three Upstate banking locations in Greenville, SC.
Richmond, VA based investment and merchant banking firm Baxter Fentriss and Company advised Plantation Federal on the sale of the Georgetown branch.
|
