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CITIZENS BANCSHARES, INC. ANNOUNCES NINE-MONTH EARNINGS

 SALINEVILLE, Ohio, Oct. 12 /PRNewswire/ -- Citizens Bancshares, Inc., ("Citizens") (NASDAQ: CICS) today released performance figures for the nine months ended Sept. 30, 1993. Net income for the first nine months of 1993 was $5,579,000, a 28.6 percent increase from the $4,337,000 earned for the nine months ended Sept. 30, 1992. Earnings per share for the first nine months of 1993 were $1.90, representing an increase of 32 percent over the comparable period in 1992. Net income for the quarter ended Sept. 30, 1993, was $2,031,000, a 31.9 percent increase over the comparable quarter in 1992. Earnings per share for the third quarter of 1993 were $.69, representing an increase of 33 percent over the comparable quarter in 1992. For the nine months ended Sept. 30, 1993, return on average shareholders' equity was 20.09 percent and return on average assets was 1.42 percent.
 Assets totaled $540,105,000 at Sept. 30, 1993, compared to $511,864,000 reported Dec. 31, 1992. Shareholders' equity at Sept. 30, 1993, increased 15.1 percent from $34,602,000 reported Dec. 31, 1992.
 Several significant events occurred during the first nine months of 1993. First, Citizens shares began trading on the NASDAQ National Market under the symbol "CICS" on June 1, 1993. Seven brokerage firms make a market in Citizens' shares: Parker/Hunter Incorporated; Advest, Inc.; Butler, Wick & Co., Inc.; The Ohio Company; McDonald & Company; Sandler O'Neill & Partners, L.P.; and Herzog, Heine, Gedul, Incorporated.
 On Aug. 2, 1993, Citizens announced the signing of an Affiliation Agreement ("Agreement") providing for the Firestone Bank of Lisbon, Ohio, to be merged into The Citizens Banking Company, a wholly-owned subsidiary of Citizens. The transaction is expected to be completed in January, 1994, once the transaction receives Firestone shareholders' approval and required regulatory approvals.
 The Citizens Banking Company opened its newest full-service branch in Alliance, Ohio, on April 26, 1993. The West State Street Office replaces a smaller facility and is the lending center for the area's three branch banks. The loan officers based at West State Street specialize in commercial, residential mortgage and consumer lending.
 Citizens Bancshares, Inc., headquartered in Salineville, Ohio, is a $540 million bank holding company and the parent of Freedom Financial Life Insurance Company, First National Bank of Chester and The Citizens Banking Company, which has 22 banking offices located in five Ohio counties and one county in northern West Virginia.
 -0- 10/12/93
 /CONTACT: Chris Morse, director of marketing, of Citizens Bancshares, 216-679-2328, ext. 247/
 (CICS)


CO: Citizens Bancshares, Inc. ST: Ohio IN: FIN SU: ERN

BM-KL -- CL032 -- 1179 10/12/93 14:19 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
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