SOUTH HILL, Va., May 12, 2011 /PRNewswire/ -- Citizens Community Bank (OTC: CZYB) announced today at its annual shareholder's meeting that the Board of Directors declared a 10% stock dividend on the bank's common stock outstanding. The stock dividend will be paid to shareholders of record as of June 15, 2011. The dividend will be issued in the form of additional shares of stock, and will increase shares outstanding by approximately 136,500 shares.
President and CEO Thomas C. Manson stated, "We are pleased our Board voted to declare a stock dividend for our shareholders. Given our financial strength and confidence on the future performance of the bank, we believe a stock dividend was the appropriate reward for our shareholders at this time. We would like to thank our shareholders, employees and communities for their support."
Citizens Community Bank is a Virginia state chartered bank headquartered in South Hill, Va. Opened in December 1999, it operates four branches, three in south central Virginia and one in northern 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. The Bank's actual results, events and developments may differ materially from those contemplated by any forward-looking statement.
SOURCE Citizens Community Bank