Citizens Trust Bank, the banking subsidiary of Citizens Bancshares Corporation, has completed the purchase of the Peoples Bank branch in Lithonia, Georgia. The acquisition of the Lithonia branch of Peoples Bank will provide Citizens Trust Bank with an estimated $50 million in additional deposits and a projected $400 million in total assets.
Under the leadership of President and CEO, James E. Young, Citizens Trust Bank is living up to its commitment to its shareholders and customers by continuing to grow while maintaining a strong and solid foundation.
“We believe the purchase of this branch will add significantly to our already strong presence in DeKalb County,” says Young. “We welcome our new Lithonia associates to our family and are looking forward to working with them. Together, we are able to offer the customers personalized service with a familiar face and a more convenient banking experience. The addition of the new location will increase Citizens Trust Bank’s financial centers from 10 to 11, throughout Georgia and Alabama. New customers of Lithonia can look forward to the convenience of having more locations to do their banking.”
Sandler O’Neill + Partners L.P. served as financial advisor to Citizens Trust Bank in the acquisition and Hunton & Williams LLP served as legal advisor to Citizens Trust Bank.
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