Thursday, November 10, 2011

Citizens South looks to expand footprint

Gastonia-based Citizens South Banking Corp. is looking to broaden its footprint in Western North Carolina and upstate South Carolina, executives will tell investors at a financial services conference in Florida on Thursday.

The $1.1 billion-in-assets bank will also pursue taking over more failed banks.

The presentation to investors was included in a filing with the Securities and Exchange Commission.

Citizens South has taken over two failed banks -- Bank of Hiawassee and New Horizons, both in northern Georgia -- in the past two years with loan loss guarantees with the FDIC.

The bank hopes to continue to do so. It also wants to pursue traditional mergers in a consolidating industry.