ATLANTA, Jan. 4, 2017 /PRNewswire/ -- 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."