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Judy Hess, President and CEO, stated, "Recent examinations of our loan portfolio including the continued deterioration of collateral values and our borrowers' financial condition have resulted in the determination that our previously released financial information requires restatement. As a result, the Company will report revised, detailed financial information as soon as such information is available." Hess continued, "Citizens Bank of Northern California and the Company remain well-capitalized at this time and, we want to emphasize that FDIC insurance provides safety for all of our customers' deposits up to the current FDIC Insurance limits."
Founded in February 1995, Citizens Bank, headquartered in Nevada City, became a wholly owned subsidiary of the Company in 2003. In addition to their Auburn branch located in Placer County, the Bank has six other branches in communities throughout Nevada County, including Nevada City, Grass Valley, Penn Valley, Lake of the Pines, and Truckee. The Bank offers community banking services, including a wide variety of deposit products, commercial, residential and consumer loans, and other traditional banking products and services, designed to meet the needs of small and middle market businesses and individuals.
Cautionary Statement: This release may contain certain forward-looking statements that are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated herein. Words such as "anticipate," "believe," "estimate," "expect," "should," "intend," "project," and words or phrases of similar meaning are intended to identify forward-looking statements. Management's assumptions and projections are based on their anticipation of future events and actual performance may differ materially from that projected.
SOURCE: Citizens Bank of Northern California
Citizens Bancorp Judy Hess, 530-478-6000 www.citizensbanknc.com
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