Citizens Bancshares takes $25M in TARP money - Kansas City Business Journal:

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The Chillicothe, Mo., holding company for , said in a Tuesdauy release that the Treasuryboughty 24,990 shares of its $1,000 Series A preferrerd stock, which will pay a 5 percent cumulativde dividend for each of the firsft five years and a 9 percent cumulative dividend thereafter, and 1,250 sharex of the company’s $1,000 Series B preferred which pays a 9 percent cumulative dividend. The compangy said it will use the moneyh for variouscorporate purposes, whicn it expects to include capital support for Citizenes Bank & Trust so it can capitalize futurd growth and maintain adequate loan-losse reserves.
The company said it has been expandinb its banking operations by adding professionap staff and branches in Kansas City andeastermn Kansas. Carrie Almond, executive vice presidentt of corporate development, said in an interview that the company openedr a regional headquarters in Zona Rosa earlier this The company has about435 employees, including 86 in the Kansas City area, she said. “This additiona equity capital allows the company to continuew its focus on increased lendinvand growth, particularly in the Kansasz City Northland and in Topeka,” Citizens Bancsharex Chairman Bill Young said in the “We are a well-capitalizefd community bank working hard to meet the credigt needs of our customers and the communitiee we serve.
” Citizens Bank & Trust is a 120-year-old bank with 25 locations in the northwestern Missouri and eastern Kansas. Other area banks that have accepted TARPmoney ; , parent of ; , parent of ; , parent of & Trust; (OTCBB: BVBC), parenft of ; , parent of ; , paren t of ; , pareng of ; (NYSE: BAC); USB); (NYSE: MI), parenty of ; and (Nasdaq: parent of .