Citizens reports consummation of acquisition.AUSTIN, Texas--(BUSINESS WIRE)--June 19, 1997--Citizens Inc. (AMEX-CIA), an Austin, Texas based life insurance holding company, announced that it had consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. the acquisition of American Investment Network Inc. of Jackson Jackson. 1 City (1990 pop. 37,446), seat of Jackson co., S Mich., on the Grand River; inc. 1857. It is an industrial and commercial center in a farm region. , Miss., parent of United Security Life Insurance Co., a Mississippi life insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. . Citizens issued approximately 700,000 shares of its Class A common stock valued at $5.5 million in the transaction. The acquisition boosts Citizens' assets to approximately $225 million, annual revenues to approximately $75 million and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. to approximately $70 million. CONTACT: Citizens Inc., Austin Mark A. Oliver, 512/837-7100 |
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