Citizens Bancshares of Batesville Inc., the parent company of Citizens Bank, has raised $45 million through a debt offering as the Arkansas lender works to refinance existing obligations and fuel a long-term growth strategy.
According to filings with the U.S. Securities and Exchange Commission, a Form D report filed in October shows the company raised capital from 39 investors, with minimum investments of $250,000.
Jeff Teague, who became CEO and chairman in June 2024, told Arkansas Business last week that the bank had $20 million in debt scheduled to reprice last month. The company refinanced that amount and added $25 million in new debt from other investors to lock in a lower rate and support what Teague described as “a strategic plan for growth.”
Teague said the added capital will allow the bank to increase lending in the near term. Longer-term plans could include expanding Citizens Bank’s branch network into new markets.
Citizens Bank operates 16 Arkansas branches, including four in Independence County. The bank reports $1.48 billion in assets, $1.35 billion in deposits, and ranks 16th in deposit market share in the state.
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