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

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The Chillicothe, Mo., holding company for , said in a Tuesdayg release that the Treasurybought 24,990 shares of its $1,0090 Series A preferred stock, which will pay a 5 percenyt cumulative dividend for each of the first five yearxs and a 9 percent cumulativr dividend thereafter, and 1,250 shares of the company’s $1,000 Seriezs B preferred stock, which pays a 9 percent cumulative dividend. The company said it will use the moneg for variouscorporate purposes, which it expects to include capita l support for Citizens Bank Trust so it can capitalize future growth and maintai n adequate loan-loss reserves.
The company said it has been expanding its bankingv operations by adding professional staff and branches in Kansa City andeastern Kansas. Carrie executive vice president ofcorporate development, said in an interviewq that the company opened a regional headquarters in Zona Rosa earlier this year. The compan has about 435 employees, including 86 in the Kansas City she said. “This additional equity capitalk allows the company to continue its focus on increased lendingand growth, particularly in the Kansads City Northland and in Topeka,” Citizensa Bancshares Chairman Bill Younhg said in the release.
“We are a well-capitalized community bank workin hard to meet the credit needd of our customers and the communitiesxwe serve.” Citizens Bank & Trust is a 120-year-old bank with 25 locations in the Northland, northwestern Missouri and eastern Kansas. Other area banks that have accepterd TARPmoney include: ; , parent of ; , parengt of ; , parent of Trust; (OTCBB: BVBC), parent of ; , parent of ; , parentt of ; , parent of ; (NYSE: (NYSE: USB); (NYSE: MI), parent of ; and (Nasdaq: parent of .