Monday, July 23, 2012

Citizens South reports second quarter loss

Gastonia-based Citizens South Banking Corp. reported losing $716,000 in the second quarter, reflecting an improving but still troubled balance sheet.

Citizens South earned $2 million in the same time period last year, boosted by its acquisition of a failed bank in north Georgia. It lost $2.3 million in the first quarter of 2012.

The bank set aside less for bad loans than the quarter before, but its earning assets decreased as well.

Citizens South announced in May it would be acquired by Charlotte-based Park Sterling Corp. in a $77.8 million deal. Pending regulatory approval, it is schedule to close in the fourth quarter.

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