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Missouri's Citizens Bancshares Redeems TARP Stock, Names Investor to Board
Posted: 08/17/2017 | Jennifer Lian

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.

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Follow this link to read Citizens’ letter to shareholders