SOUTH HILL, Va., Dec. 4, 2012 /PRNewswire/ -- Citizens Community Bank (OTC: CZYB) released a letter to stakeholders today penned by recently appointed President and Chief Executive Officer, James R. Black.
"I would like to take the opportunity to introduce myself and communicate our business strategy, and mindset, here at CCB. As you may know, I was recently appointed by our Board of Directors to lead CCB. Our commitment as an independent and locally owned community bank has not waivered and is stronger than ever. If you have not met me, you will find that I am energetic and passionate about community banking and our success. We have an exciting future, and our team is poised to execute. While I am well aware and dismayed that many of our investors have endured a substantial reduction in their investment, I am optimistic that our strategic initiatives will help restore investor confidence and provide a higher return for CCB shareholders going forward.
Our vision is to be recognized by our peers and customers as the premier community bank in the lake country area, and this has not changed; however, how we execute has. We are currently undertaking a dynamic process to strengthen our core values and enhance our foundation. This strategy is being accomplished through our dedicated team, which has refocused and is building a stronger internal framework from which we will operate. This fundamental building block will serve us well for the future. Secondly, we are committed to maintaining a strong balance sheet. We are undertaking an aggressive strategy to rid ourselves of stressed credits and other real estate owned by the bank. We anticipate this one-time event to occur during the fourth quarter of 2012, which will have a considerable negative impact on earnings and capital. Upon completion, we will continue to have capital well in excess of the "well-capitalized" regulatory standards and be better positioned to implement our objectives. Although there are never any guarantees in life or business, you can be reassured that we are strengthening our credit culture and standards.
We are also working diligently on various targeted strategies that will enhance shareholder value and provide our consumers and communities the services that they will love. We have a solid footprint in both southern Virginia and northern North Carolina, and we plan to capitalize on this. We realize that technology is critical to efficiency and maintaining that competitive edge. As a result, in the near future you will see further enhancements on this front. There is a great team here at CCB, and they are as excited as I am about implementing our strategy and objectives.
We encourage all of our stakeholders to visit our website: www.ccbsite.com and stay informed about our progress. Thank you for your time and please feel free to contact me personally with any questions you may have."
James R. Black
President & CEO
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Citizens Community Bank is a Virginia state chartered bank headquartered in South Hill, Virginia. Opened in December 1999, it operates four branches, three in south central Virginia and one in northern North Carolina as well as a loan production office in Oxford, 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