Janney served financial advisor to Citizens Bancshares, Inc.

Transaction Overview

CSB Financial Holdings, Inc., the parent company of Community State Bank, located in Galva, IL, signed a definitive agreement to acquire Citizens Bancshares, Inc., the holding company of Citizens First State Bank of Walnut, located in Walnut, IL.

Financial terms of the transaction were not disclosed, but as of December 31, 2021, Community State Bank had total assets of $268 million and Citizens First State Bank of Walnut had total assets of $56 Million.

“Citizens First State Bank is built upon the same service and commitment to community banking as Community State Bank,” said Tim Nimrick, Community State Bank’s President. “We are like-minded organizations that will be stronger together. Citizens First State Bank customers can look forward to the same quality and local service from the entire CFSB staff.”

About Citizens Bancshares, Inc.

Citizens First State Bank of Walnut, a locally owned bank based in Walnut, Illinois, had total assets of $56.3 million, total gross loans of $24.5 million, total deposits of $51.5 million, and total tangible equity of $4.8 million as of December 31, 2021.

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Paul O'Connor

Managing Director, FIG Group

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