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CITIZENS SECURITY GROUP INC. SELLS PREVIOUSLY UNISSUED SHARES TO EMPLOYEE STOCK OWNERSHIP PLAN

 CITIZENS SECURITY GROUP INC. SELLS PREVIOUSLY UNISSUED SHARES
 TO EMPLOYEE STOCK OWNERSHIP PLAN
 RED WING, Minn., Nov. 2 /PRNewswire/ -- Citizens Security Group Inc. (NASDAQ: CSGI) announced today that its parent corporation, Citizens Security Mutual Insurance Company, has established an Employee Stock Ownership Plan (ESOP).
 The ESOP purchased 349,090 shares of CSGI's authorized but unissued shares of Common Stock on Oct. 30, 1992 for approximately $1,200,000. The proceeds will be utilized to increase the capital of CSGI's wholly owned subsidiary, Insurance Company of Ohio, to meet new Ohio statutory requirements.
 "The ESOP was created to provide employees with a greater opportunity to participate in the growth of our company," said Spencer A. Broughton, chairman and CEO. "We are focused on developing an organization adept at working in a growing and changing environment. We want to reward our employees for their personal pride and concern for Citizens by making them shareholders."
 Citizens Security Group, Inc., which is a holding company engaged in the preferred risk property and casualty business, is part of an insurance group which also includes Citizens Security Mutual Insurance Company, Citizens Fund Insurance Company and Insurance Company of Ohio.
 Citizens Security Group Inc. common stock trades on the National Over-the-Counter market under the NASDAQ symbol CSGI.
 -0- 11/2/92
 /CONTACT: Mary B. Plein of Citizens Security Group, 612-388-7171, ext. 255/
 (CSGI) CO: Citizens Security Group Inc.; Citizens Security Mutual Insurance
 Company ST: Minnesota IN: INS SU:


KH -- MN014 -- 1774 11/02/92 16:58 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 2, 1992
Words:250
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