Citizens Holding Company Announces Sale and Leaseback Transaction
22 Enero 2024 - 3:15PM
Business Wire
Citizens Holding Company (the “Company”) (OTCQX:CIZN), the
holding company for The Citizens Bank of Philadelphia (the “Bank”),
today announced it has executed an agreement for sale-leaseback of
3 of its currently owned properties. The properties will be sold
for an aggregate cash purchase price of approximately $11 million.
The Company expects to realize a pre-tax gain of approximately $4.5
million (after transaction-related expenses). The transaction
closed on January 19, 2024.
“The properties identified in this transaction fit within the
Company’s long-term strategic plan. The current market conditions,
combined with the terms of the leaseback agreement, make this a
very positive move for the Company both in the near and long term.
This sale only strengthens our balance sheet and allows us to
continue to pursue organic growth and future transactions that
bolster the Company’s existing value. We do not expect any
interruption to our current operations and plan to carry out
existing growth plans within our leased space at the facility.
Furthermore, this transaction provides flexibility and allows us to
realize value within the balance sheet and enhance earning assets
over time,” said Phillip Branch, Chief Financial Officer.
Branch added, “We 100% focused on the continued support of the
surrounding communities for many years to come.”
About Citizens Holding Company
Citizens Holding Company is a one-bank holding company and the
parent company of the Bank, both headquartered in Philadelphia,
Mississippi. The Bank currently has twenty-seven banking locations
in fourteen counties throughout the state of Mississippi. In
addition to full service commercial banking, the Company offers
mortgage loans, title insurance services through third party
partnerships and a full range of Internet banking services
including online banking, bill pay and cash management services for
businesses.
Cautionary Note Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements
other than statements of historical facts included in this release
regarding the Company’s financial position, results of operations,
business strategies, plans, objectives and expectations for future
operations, are forward looking statements. The Company can give no
assurances that the assumptions upon which such forward-looking
statements are based will prove to have been correct.
Forward-looking statements speak only as of the date they are made.
The Company does not undertake a duty to update forward-looking
statements to reflect circumstances or events that occur after the
date the forward-looking statements are made. Such forward-looking
statements are subject to certain risks, uncertainties and
assumptions. The risks and uncertainties that may affect the
operation, performance, development and results of the Company’s
and the Bank’s business include, but are not limited to, the
following: (a) the risk of adverse changes in business conditions
in the banking industry generally and in the specific markets in
which the Company operates; (b) our ability to mitigate our risk
exposures; (c) changes in the legislative and regulatory
environment that negatively impact the Company and Bank through
increased operating expenses; (d) increased competition from other
financial institutions; (e) the impact of technological advances;
(f) expectations about the movement of interest rates, including
actions that may be taken by the Federal Reserve Board in response
to changing economic conditions; (g) changes in asset quality and
loan demand; (h) expectations about overall economic strength and
the performance of the economics in the Company’s market area; and
(i) other risks detailed from time to time in the Company’s filings
with the Securities and Exchange Commission. Should one or more of
these risks materialize or should any such underlying assumptions
prove to be significantly different, actual results may vary
significantly from those anticipated, estimated, projected or
expected.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240122967766/en/
Citizens Holding Company, Philadelphia Phillip R. Branch, (601)
519-4016 Phillip.branch@thecitizensbank.bank
Citizens (NASDAQ:CIZN)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Citizens (NASDAQ:CIZN)
Gráfica de Acción Histórica
De May 2023 a May 2024