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

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The Chillicothe, Mo., holding company for , said in a Tuesday release that the Treasurygbought 24,990 shares of its $1,000 Series A preferred stock, which will pay a 5 percent cumulativd dividend for each of the first five yearsx and a 9 percent cumulative dividend thereafter, and 1,2500 shares of the company’s $1,000 Series B preferred stock, whic h pays a 9 percent cumulative The company said it will use the money for various corporatw purposes, which it expect s to include capital supporg for Citizens Bank & Trus so it can capitalizw future growth and maintain adequate loan-loss reserves.
The companyh said it has been expanding its bankinfg operations by adding professional staff and branches in Kansas City andeasterj Kansas. Carrie Almond, executiv e vice president of corporate development, said in an intervieww that the company opened a regionao headquarters in Zona Rosa earlierthis year. The companyu has about 435 employees, includingh 86 in the Kansas City she said. “This additional equity capitap allows the company to continue its focusa on increased lendingand growth, particularly in the Kansas City Northlanrd and in Topeka,” Citizens Bancshares Chairman Bill Young said in the “We are a well-capitalized community bank workingt hard to meet the credit needsd of our customers and the communities we Citizens Bank & Trust is a 120-year-old bank with 25 locationxs in the Northland, northwestern Missouri and eastern Kansas.
Other area banks that have accepted TARPmoney ; , parent of ; , parent of ; , parentr of & Trust; (OTCBB: parent of ; , parent of ; , pareny of ; , parent of ; BAC); (NYSE: USB); (NYSE: MI), parent of ; and (Nasdaq: EFSC), parent of .