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Citizens Bank reports drop in net income for second quarter

MBJ staff

Citizens Holding Co. reported net income of $1.37 million, or 28 cents per share, for the three months ending June 30.

That is a decrease of $318,000 from a net income of $1.69 million, or 35 cents per share for the year-earlier quarter. 

Total assets as of June 30 increased to $1.03 billion, up $75.4 million, or 7.9 percent, compared to $958.6 million at Dec. 31. 

Citizens and its wholly-owned subsidiary, Citizens Bank, are both headquartered in Philadelphia (Neshoba County). The bank has 24 banking locations in 14 counties in the state and a loan production office in Oxford. 

Citizens Holding has signed a definitive $20 million merger agreement to acquire Charter Bank, which was founded in 2008 on the Mississippi coast. The merger is expected to close in the fourth quarter, pending regulatory sanction and approval by the shareholders of Charter.

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