CZBS Citizens Bancshares Corp (PK)

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported)

April 14, 2015

 

Citizens Bancshares Corporation

(Exact name of registrant as specified in its charter)

 

Georgia	333-38509	58-1631302
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

 

75 Piedmont Avenue, NE, Atlanta, Georgia, USA	30303
(Address of principal executive offices)	(Zip Code)

 

Registrant’s telephone number, including area code

(404) 659-5959

 

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

 

 

Item 8.01  Other Events

 

On April 14, 2015, Citizens Bancshares Corporation (the “Registrant”) issued a press release announcing its annual dividend payment for 2015. A copy of the press release issued by the Registrant is filed herewith as Exhibit 99.1 and is incorporated herein by reference.

 

Item 9.01  Financial Statements, Pro Forma Information, and Exhibits

 

Exhibit 99.1

 

Press Release of Registrant, dated April 14, 2015, announcing annual dividend payment for 2015.

 

 

Signature

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	CITIZENS BANCSHARES CORPORATION
	By:	/s/ Cynthia N. Day
		Cynthia N. Day
		President and CEO

 

Dated:  April 14, 2015

 

FOR IMMEDIATE RELEASE

Exhibit 99.1

April 14, 2015

 

 

Citizens Bancshares Corporation Announces 2015 Dividend Payment

 

ATLANTA, April 14, 2015 /PRNewswire—FirstCall/ — Citizens Bancshares Corporation (OTCQB: CZBS) (the “Company”), the parent company of Citizens Trust Bank (CTB), announced today its annual dividend on common stock of $0.08 per share, payable on April 30, 2015 to shareholders of record as of the close of business on April 15, 2015.

 

Cynthia N. Day, President and Chief Executive Officer, stated “Through the focused and diligent efforts of our team, 2014 was 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 today than a year ago. We saw meaningful growth in key components of our balance sheet and continued growth in earnings through improvement in asset quality and prudent expense management. As a result, we are pleased to be able to continue to provide our shareholders a return on their investment through this dividend declaration. We thank them for their continued support of Citizens Bancshares Corporation and appreciate the trust they have placed in us.”

 

Since its inception, the Citizens Trust Bank 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 and Columbus, Georgia, and Birmingham and Eutaw, Alabama.  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.

 

Certain statements in this news release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as a downturn in the economy, greater than expected noninterest expenses, volatile credit and financial markets, potential deterioration in real estate values, regulatory changes and excessive loan losses, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that future events, plans, or expectations contemplated by our company will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 

Contact:

 

Citizens Bancshares Corporation

Samuel J. Cox, Chief Financial Officer
(404) 575-8306

 

SOURCE: Citizens Bancshares Corporation