SOUTH HILL, Va., Nov. 18, 2015 /PRNewswire/ -- Citizens Community Bank (OTCQB: CZYB) is pleased to announce that the formation of its holding company, CCB Bankshares, Inc. ("CCB Bankshares") was completed on November 10, 2015.
The reorganization was effected through a share exchange in which each of the Bank's common shareholders and preferred shareholder received one share of common stock or preferred stock, respectively, of CCB Bankshares. CCB Bankshares is a new corporation which was organized for purposes of the reorganization, and its executive officers and directors are the same as those of the Bank. As a result of this event, the Bank's shareholders are now shareholders of CCB Bankshares, and CCB Bankshares is the sole shareholder of the Bank. The Bank continues to exist as a state-member Virginia bank managed by the current board of directors and executive officers and engaged in the same business in which it is currently engaged.
James R. Black, President and CEO, stated, "We believe this new corporate structure will provide additional financial and operational flexibility. The formation of the holding company is a key element of our strategic and capital planning process. We appreciate the confidence and support from all stakeholders as we continue building our company."
Citizens Community Bank is a Virginia state-chartered bank headquartered in South Hill, VA. Opened in December 1999, it operates five branches, three in south central Virginia, two in northern North Carolina and loan production centers in North Raleigh and Louisburg, North Carolina. For more information and additional financial data, please visit www.ccbsite.com.
This press release contains "forward-looking statements" that concern future events which are subject to risks and uncertainties. Any such statements are based on certain assumptions and analyses by the Bank and other factors it believes are appropriate in the circumstances and at the time at which such statements are made. The Bank's actual results, events and developments may differ materially from those contemplated by any forward-looking statement. The Bank has no responsibility to update such forward-looking statements.
SOURCE Citizens Community Bank