Citizens Bancshares Corporation Announces Special Dividend Payment

ATLANTA, Aug. 9, 2019 /PRNewswire/ -- Citizens Bancshares Corporation (OTC: CZBS) (the "Company"), the parent company of Citizens Trust Bank, announced that its Board of Directors approved a special dividend on common stock of $0.20 per share, payable on August 22, 2019 to shareholders of record as of the close of business on August 9, 2019.  This brings the Company's total dividend payment for 2019 to $0.50 per share, representing a 100% increase over the annual dividend a year ago.

Cynthia N. Day, President and Chief Executive Officer, stated "Through the focused and diligent efforts of our team, we had another successful year in our continuing journey of delivering value to our shareholders. We are pleased to report that the Company's operations, competitive posture, and foundation for growth are all stronger and have provided us with additional opportunities to enhance shareholder value, increase capital levels, and improve how we serve our customers, employees, and community.  As a result, we are pleased to reward our shareholders for their investment with this special dividend given our strong capital position.  We thank you for your continued support of Citizens Bancshares Corporation and appreciate the trust you have placed in us."

Since its inception, the Citizens Trust has remained dedicated to the growth and development of communities by providing quality financial solutions and extraordinary service.  The Bank takes pride in offering its financial solutions throughout metropolitan Atlanta, Georgia, and Birmingham and Eutaw, Alabama. Citizens Trust has a Bauer Financial 5-Star Superior rating, denoting the highest level of strength, safety, and performance. Through its parent company, Citizens Bancshares Corporation, the Bank offers its common stock over-the-counter to the general public under the trading symbol CZBS and can be found on the web at www.CTBconnect.com.

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Statements in this press release which are not historical facts, including expectations regarding future financial results, are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from such statements.

SOURCE Citizens Bancshares Corporation