Citizens National Corporation And Peoples Security Bancorp, Inc. Agree To Merger
Citizens National Corporation (OTCQB: CZNL), the holding company for Citizens National Bank, Paintsville, Kentucky, and Peoples Security Bancorp, Inc., the holding company for The Peoples Security Bank ofLouisa, Louisa, Kentucky, today announced their agreement that Peoples Security be acquired by Citizens for approximately $663.15per share in a merger involving Peoples Security and a Citizens subsidiary. The cash and note transaction is subject to shareholder and regulatory approval and is expected to close before the end of the first quarter of 2015. The purchase price is subject to adjustment, up or down, based on Peoples Security's shareholder's equity at the closing.
Through its subsidiary, Citizens National Bank of Paintsville, Citizens operates 11 offices throughout Boyd, Carter, Floyd, Greenup,Johnson, Magoffin and Pike Counties. At June 30, 2014, Citizens had approximately $525 million in assets and $417 million in deposits.
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