Citizens South Banking (CSBC) Exits TARP

Citizens South Banking, Corp. (Nasdaq: CSBC), reports it has redeemed all of the preferred stock issued to the United States Department of the Treasury in December 2008 under the Capital Purchase Program, a part of the Troubled Asset Relief Program.

At the height of the financial crisis in 2008, the Company accepted an investment from the Treasury and created a special residential mortgage program to assist consumers and homebuilders in securing home financing. The program caught the eye of the national news media and was featured in the Washington Post and on the NBC Nightly News with Brian Williams. Since receiving the investment, Citizens South Bank has originated more than $11.9 million in the special residential mortgage loan program. Also, the Company has paid $1.9 million in dividend payments to the Treasury under the Capital Purchase Program.

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