FIG Partners Advised Charter Bank In $20 Million Merger With Citizens Holding Company

FIG Has Completed 121 M&A Transactions Totaling More Than $8 Billion

ATLANTA, May 21, 2019 — Citizens Holding Company (Nasdaq:CIZN), the parent company of The Citizens Bank of Philadelphia, has announced a definitive merger agreement to acquire Charter Bank.

FIG Advised Charter Bank In $20 Million Merger With Citizens Holding Company Upon completion of the merger, Charter Bank (Charter) will merge into The Citizens Bank of Philadelphia (Citizens Bank).

Based on March 31, 2019 results, the combined company will have approximately $1.2 billion in assets, deposits of $989 million, and gross loans of $569 million. The transaction is expected to close in the fourth quarter of 2019.

Under terms of the agreement, Charter shareholders will receive 0.39417 shares of Citizens’ common stock and $3.615 in cash for each share of Charter common stock. The transaction is valued at $11.85 per share, or $20 million in the aggregate, based on Citizens’ closing price of $20.90 as of May 20, 2019.

Gregory E. Cronin, Chief Executive Officer of Charter, said, “Our Charter Bank Team is enthusiastic to be joining a well-respected community bank with a history of providing exceptional products and services to its markets. We believe that we can better serve our clients in our local communities.”

The FIG team included Jerad Comarda, Vice President; Eric Lawless, Principal and Head of Corporate Development; and Matt Hobert, Vice President.

More information is available here.

Since 2003, FIG has been the trusted advisor to community banks and investors. To learn more about FIG’s investment banking services, visit

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