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Citizens National Bank Reports Healthy Growth
For More Information, Contact:
Kim Dalton
AVP/Marketing Officer
Citizens National Bank
606.264.3049
February 23, 2008
CITIZENS NATIONAL BANK REPORTS HEALTHY GROWTH
PAINTSVILLE, KY (FEBRUARY 23, 2009) – Citizens National Corporation announces 2008 earnings. CNC reported net annual income of $3.9 million or $3.42 annual earnings per share. Net income for Citizens National Corporation increased by 17.9 percent in 2008 over 2007, and earnings per share increased 11.0%.
“Our growth in 2008 is a testament to the stability and sound financial practices of Citizens National Bank,” says Citizens’ President and CEO Dennis Dorton.
In a time period when many banks are struggling, Citizens has held strong, opening two new locations in 2008: a full service banking location in South Ashland and a loan processing office in Lexington, Ky.
“Our expansion strategies in the Ashland, Pike County, and Lexington regions have proven to be very successful,” stated Mark Wiete, Executive Vice President and Chief Operating Officer. “We plan to add locations in those markets to better serve our customers, Wiete continued, key drivers of the bank’s successful performance are stability, soundness and our employees.”
About Citizens National Bank
Citizens National Bank, which will celebrate its 100th anniversary in 2010, is one of the largest independently owned and operated community banks in Kentucky with assets of $573 million. Citizens National Bank is headquartered in Paintsville, KY. Citizens National Bank has 17 locations in 8 counties throughout east, northeast and central Kentucky. The bank is a wholly owned subsidiary of Citizens National Corporation, a diversified financial services company.
This release may contain certain forward-looking statements, which are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact the Company's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposits, flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and economic, competitive, governmental, regulatory, and technological factors affecting the Company's operations, pricing, products, and services.
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