PAINTSVILLE, Ky., Dec. 22, 2014 /PRNewswire/ -- Citizens National
Corporation (OTCQB: CZNL), the holding company for Citizens
National Bank, Paintsville,
Kentucky, announced today it completed its acquisition of
Peoples Security Bancorp, Inc., the holding company for The Peoples
Security Bank of Louisa,
Louisa, Kentucky, and the
subsequent merger of The Peoples Security Bank of Louisa, Louisa,
Kentucky with Citizens National bank, Paintsville, Kentucky, Citizens' wholly owned
banking subsidiary. Citizens closed the acquisition for
$681.98 per share, based upon Peoples
Security's shareholder equity as of the Closing.
Through its subsidiary, Citizens National Bank, Citizens now
operates 13 offices throughout Boyd, Carter,
Floyd, Greenup, Johnson, Lawrence, Magoffin and Pike Counties, with approximately $575 million in assets and $460 million in deposits.
"We are excited to enter the Lawrence
County market with physical locations and look forward
to bringing our financial services and product offerings to a
broader base of customers within Lawrence
County," said V. Burton
Bellamy, President & CEO of Citizens National Bank.
"Customers can expect a commitment to service and excellence
from Citizens National Bank."
Frost Brown Todd LLC, Louisville,
Kentucky, served as legal counsel to Citizens National
Corporation and VanAntwerp, Monge, Jones, Edwards & McCann,
LLP, Ashland, Kentucky, served as
legal counsel to Peoples Security Bancorp, Inc.
Statements in this news release which are not historical facts
are forward-looking statements. Such forward-looking
statements are subject to risks and uncertainties which could cause
actual results to differ materially from those currently
anticipated due to a number of factors.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/citizens-national-bank-of-paintsville-completes-merger-with-the-peoples-security-bank-of-louisa-300013407.html
SOURCE Citizens National Corporation
