Missouri’s Citizens Bancshares Redeems TARP Stock, Names Investor to Board

Missouri’s Citizens Bancshares Redeems TARP Stock, Names Investor to Board

  • Posted: 08/17/2017
  • Castle Creek

By Nicole De Dios

Kansas City, Mo.-based Citizens Bancshares Co. has redeemed $23.8 million of its remaining series A and B fixed-rate cumulative preferred stock issued under the U.S. Treasury’s Troubled Asset Relief Program.

The redemption was funded through the issuance of more than $2 million in common stock to directors and of $13 million in common stock to Castle Creek Capital Fund VI — at $32.55 per share. The company also incurred $7.5 million of senior debt.

Under Citizens’ agreement with Castle Creek, the latter’s principal, Tony Scavuzzo, joins Citizens’ board.

Follow this link to continue reading this news story

Follow this link to read Citizens’ letter to shareholders