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CITIZENS BANCSHARES, INC. ANNOUNCES SIX-MONTH EARNINGS

 SALINEVILLE, Ohio, July 14 /PRNewswire/ -- Citizens Bancshares, Inc. (NASDAQ: CICS), today released performance figures for the six months ended June 30, 1993. Net income for the first six months of 1993 was $3,548,000, a 26.9 percent increase from the $2,797,000 earned for the six months ended June 30, 1992. Earnings per share for the first six months of 1993 were $1.21, representing an increase of 32 percent over the comparable period in 1992. Net income for the quarter ended June 30, 1993, was $1,867,000, a 47.2 percent increase over the comparable quarter in 1992. Earnings per share for the second quarter of 1993 were $.64, representing an increase of 25 percent over the comparable quarter in 1992. For the six months ended June 30, 1993, return on average shareholders' equity was 19.75 percent and return on average assets was 1.38 percent.
 Assets totaled $532,244,000 at June 30, 1993, compared to $511,864,000 reported Dec. 31, 1992. Shareholders' equity of $37,798,000 at June 30, 1993, increased 9.24 percent from $34,602,000 reported Dec. 31, 1992.
 Several significant events occurred during the second quarter of 1993. First, Citizens Bancshares, Inc., shares began trading on the NASDAQ National Market under the symbol "CICS" on June 1, 1993. Six brokerage firms make a market in Citizens' shares: Parker/Hunter Incorporated; Advest, Inc.; Butler, Wick & Co., Inc.; The Ohio Company; McDonald & Company; and Sandler O'Neill & Partners, L.P.
 Also on June 1, 1993, Citizens announced the signing of a letter of intent to acquire The Firestone Bank of Lisbon, Ohio. The Firestone Bank operates four banking offices in Columbiana County. This acquisition should yield very positive benefits for the shareholders, customers, and employees of both banks. Firestone's customers will continue to experience community-based banking with decisions being made at the local level. Additional products and services will be offered to Firestone customers who will enjoy the convenience of nine additional Columbiana County banking facilities. The sale is subject to regulatory and Firestone's shareholder approval.
 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 $532 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.
 CITIZENS BANCSHARES, INC.
 SELECTED FINANCIAL DATA
 (In thousands, except per share amounts)
 (Unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 SUMMARY OF EARNINGS: 1993 1992 1993 1992
 Interest income $10,617 $10,899 $21,121 $21,842
 Interest expense 4,549 5,068 9,056 10,563
 Net interest income 6,068 5,831 12,065 11,279
 Provision for possible
 loan losses 715 778 1,475 1,429
 Net interest income
 after provision for
 possible loan losses 5,353 5,053 10,590 9,850
 Other income 930 686 1,673 1,231
 Other expense 3,547 3,517 7,073 7,033
 Income before income
 taxes 2,741 2,222 5,190 4,048
 Income tax expense 874 693 1,642 1,251
 Net income $ 1,867 $ 1,529 $ 3,548 $ 2,797
 PER SHARE DATA
 Earnings Per Share $ .64 $ .51 $ 1.21 $ .92
 Average Shares Outstanding --- --- 2,931,380 2,931,380
 Book value per share at
 period end --- --- $ 12.89 $ 10.85
 BALANCE SHEET DATA:
 (Totals at end of period)
 June 30, 1993 Dec. 31, 1992
 Assets $532,244 $511,864
 Federal funds sold 2,810 700
 Investment securities 170,987 152,126
 Loans, net of unearned income 334,864 328,454
 Allowance for possible loan
 losses 5,790 4,957
 Deposits 434,061 428,112
 Federal Home Loan Bank
 advances 33,509 31,612
 Federal funds purchased 8,000 ---
 Shareholders' equity 37,798 34,602
 SIGNIFICANT RATIOS
 Six Months Ended June 30,
 1993 1992
 Return on average assets 1.38 pct 1.19 pct
 Return on average shareholders' equity 19.75 18.36
 Net interest income (TE) to average
 earning assets 4.98 5.17
 Tier 1 leverage ratio 6.98 6.60
 Efficiency ratio 50.95 55.61
 Non-performing loans to total loans .99 1.51
 Allowance for loan losses to
 non-performing loans 174.61 120.23
 Non-performing assets to total loans 2.05 2.49
 Non-interest expense to average assets 2.74 2.99
 Net loan losses to average loans .39 .36
 Provision for loan losses to actual
 losses 229.75 237.77
 Shareholders' equity to assets 7.10 6.69
 Allowance to loans outstanding 1.73 1.28
 Average loans to average deposits 76.55 79.24
 -0- 7/14/93
 /CONTACT: Chris Morse, director of marketing, Citizens Bancshares, Inc., 216-679-2328/
 (CICS)


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

BM -- CL009 -- 1341 07/14/93 11:17 EDT
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