Bailout Bank Bio: Citizens Bancshares Corporation

May 13, 2009 | 2 min read | Print Article

Citizens Bancshares Corporation is the bank holding company of Citizens Trust Bank (the Bank). The Company was organized to facilitate the Bank's ability to serve its customers' requirements for financial services. The Bank operates 10 branch offices located in Atlanta, East Point, Lithonia, Decatur, Stone Mountain and Columbus, Georgia, and Birmingham and Eutaw, Alabama. The Bank conducts a general commercial banking business that serves Fulton, DeKalb and Muscogee Counties, Georgia, as well as Jefferson and Greene Counties, Alabama. The bank was begun in the early 1900s to primarily serve the needs of black residents of Atlanta, especially those businessmen looking to own and operate their own companies.

In early January 2009 it was announced that the bank would participate in the Treasury Department’s Capital Purchase Program, and would receive $7.3 million from Treasury in exchange for preferred stock. Because the bank is a Community Development Financial Institution, it is exempt form the requirement to also proved Treasury with a warrant for additional preferred shares.

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Bailout Bank Bio: Citizens Bancshares Corporation


Federal Equity Investment	$7.3 million
Total Revenue	$27.402 million
Net Income	$2.856 million
Number of Employees	126
Corporate Headquarters	Atlanta, Georgia
Business Sector	CDFI
Officers and Directors	Young, James, President, Chief Executive Officer, Director of the Company and the Bank Other Officers and Directors
Corporate Website	https://www.ctbatlanta.com
Executive Compensation	Citizens Bancshares Corporation