Citizens Bancshares Corporation operates as the bank holding company for The Citizens Bank that provides banking services.
Loans
The company's loan portfolio includes a range of loan types, including:
Commercial Loans:
The company offers commercial loans to businesses for various purposes, including working capital, equipment financing, and expansion projects. These loans are typically secured by business assets.
Residential Loans:
The company residential loans include mortgages and home e...
Citizens Bancshares Corporation operates as the bank holding company for The Citizens Bank that provides banking services.
Loans
The company's loan portfolio includes a range of loan types, including:
Commercial Loans:
The company offers commercial loans to businesses for various purposes, including working capital, equipment financing, and expansion projects. These loans are typically secured by business assets.
Residential Loans:
The company residential loans include mortgages and home equity loans, which are provided to individuals for purchasing, refinancing, or improving residential properties. These loans are often secured by the property itself, offering lower interest rates and longer repayment terms.
Consumer Loans:
The company’s consumer loans encompass personal loans, auto loans, and other types of credit extended to individuals for personal use. These loans may be secured or unsecured, depending on the borrower’s creditworthiness and the loan amount.
Deposits
The company’s deposit portfolio includes various types of accounts, such as:
Noninterest-Bearing Transaction Accounts:
These accounts include checking accounts designed for customers who require frequent access to their funds without earning interest. These accounts provide the company with a stable source of low-cost funding.
Interest-Bearing Transaction Accounts:
Interest-bearing transaction accounts, such as interest-bearing checking and money market accounts, offer customers the benefit of earning interest on their balances while maintaining liquidity.
Savings Accounts:
The company’s savings accounts are designed for customers who want to save money while earning interest. These accounts typically offer interest rates than transaction accounts but may have restrictions on the number of withdrawals.
Certificates of Deposit (CDs):
CDs are time deposits that offer higher interest rates in exchange for the customer agreeing to leave their money in the account for a specified period. The company offers various CD products with different maturities and interest rates.
Products and Services
Digital Banking Services
Online Banking:
The company offers online banking services that allow customers to manage their accounts, transfer funds, pay bills, and access other banking services through a secure online platform.
Mobile Banking:
Mobile banking services provide customers with convenient access to their accounts via smartphones and tablets. Features include mobile check deposit, account balance inquiries, fund transfers, and bill payments.
Treasury Management Services
Cash Management:
The company provides cash management services to help businesses optimize their cash flow, manage liquidity, and streamline their financial operations.
Merchant Services:
Merchant services include payment processing solutions that enable businesses to accept credit and debit card payments, enhancing their sales capabilities and customer service.
Additional Services
Safe Deposit Boxes:
The company offers safe deposit boxes for customers to securely store valuable items and important documents.
Wire Transfers:
Wire transfer services allow customers to send and receive funds quickly and securely, domestically and internationally.
Notary Services:
Notary services are available to customers who need documents notarized for legal or official purposes.
Geographical Markets
The company primarily serves the Midlands and Pee Dee regions of South Carolina. These regions encompass a diverse range of communities, including urban, suburban, and rural areas.
Marketing
The company’s marketing channels include:
Branch Network:
The company operates a network of branches in the Midlands and Pee Dee regions of South Carolina, providing direct access to banking services and personalized customer support.
Digital Banking:
The company offers online and mobile banking services, allowing customers to access their accounts, perform transactions, and manage their finances conveniently from their digital devices.
Community Engagement:
Engaging with local communities through sponsorships, events, and partnerships to build brand awareness and foster customer relationships.
Advertising:
Utilizing various advertising mediums such as print, radio, television, and digital platforms to promote its products and services.
Government Regulations
The company is subject to oversight by several regulatory agencies. These include:
Federal Deposit Insurance Corporation (FDIC):
The FDIC insures the deposits of The Citizens Bank up to the maximum allowable limits. The FDIC conducts periodic examinations to assess the bank’s financial health, risk management practices, and compliance with applicable laws and regulations.
South Carolina State Board of Financial Institutions:
As a state-chartered bank, The Citizens Bank is regulated by the South Carolina State Board of Financial Institutions. This agency oversees the bank’s adherence to state banking laws and regulations, ensuring its operations align with state-specific requirements.
Federal Reserve System:
As a bank holding company, the company is subject to regulation by the Federal Reserve. The Federal Reserve monitors the company’s financial condition, capital adequacy, and overall management practices.
In addition, the company is governed by various regulations, including:
Community Reinvestment Act (CRA):
The CRA requires the company to meet the credit needs of the communities it serves, including low- and moderate-income neighborhoods. The company must demonstrate its commitment to community development through lending, investment, and service activities.
Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) Regulations:
The company is required to implement robust BSA and AML programs to detect and prevent money laundering and other financial crimes. This includes customer due diligence, transaction monitoring, and reporting of suspicious activities to regulatory authorities.
Equal Credit Opportunity Act (ECOA):
The ECOA prohibits discrimination in credit transactions based on race, color, religion, national origin, sex, marital status, age, or because an applicant receives public assistance. The company must ensure fair lending practices and provide equal access to credit for all applicants.
Dodd-Frank Wall Street Reform and Consumer Protection Act:
This comprehensive legislation introduced significant changes to financial regulation, including enhanced consumer protection, stricter capital requirements, and increased oversight of financial institutions. The company must comply with various provisions of the Dodd-Frank Act to ensure regulatory compliance.
History
Citizens Bancshares Corporation was founded in 1988. The company was incorporated in 1988.
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