New Issue: Citizens South completes $14.99 million placement of stock, preferreds

By Devika Patel

Knoxville, Tenn., March 23 - Citizens South Banking Corp. settled a $14.99 million private placement of series B mandatorily convertible cumulative, non-voting perpetual preferred stock and common stock on March 17, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The company sold 8,280 preferreds at $1,000.00 apiece and 1,490,400 common shares at $4.50 per share. The preferreds are convertible into common shares at $4.50 per share.

Gastonia, N.C.-based Citizens South is the holding company for Citizens South Bank.

Issuer:	Citizens South Banking Corp.
Issue:	Series B mandatorily convertible cumulative, non-voting perpetual preferred stock, common stock
Amount:	$14,986,800
Warrants:	No
Settlement date:	March 17
Stock symbol:	Nasdaq: CSBC
Stock price:	$4.80 at close March 17
Market capitalization:	$47 million
Preferreds
Amount:	$8.28 million
Shares:	8,280
Price:	$1,000.00
Conversion price:	$4.50
Common stock
Amount:	$6,706,800
Shares:	1,490,400
Price:	$4.50

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