Citizens Bancshares Corp (CZBS): The Largest Position in River Oak Capital

Investment management company River Oak Capital recently released its second-half 2023 investor letter. A copy of the same can be downloaded here. In 2023, the fund returned 8.3% compared to 26.3% for the S&P 500, 16.9% for the Russell 2000, and 9.3% for the Russell Microcap Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

River Oak Capital featured stocks such as Citizens Bancshares Corporation (OTC:CZBS) in the fourth quarter 2023 investor letter. Headquartered in Atlanta, Georgia, Citizens Bancshares Corporation (OTC:CZBS) is a holding company for Citizens Trust Bank that provides various commercial banking services. On February 16, 2024, Citizens Bancshares Corporation (OTC:CZBS) stock closed at $43.50 per share. One-month return of Citizens Bancshares Corporation (OTC:CZBS) was 11.48%, and its shares gained 16.94% of their value over the last 52 weeks. Citizens Bancshares Corporation (OTC:CZBS) has a market capitalization of $90.48 million.

River Oak Capital stated the following regarding Citizens Bancshares Corporation (OTC:CZBS) in its fourth quarter 2023 investor letter:

“Citizens Bancshares Corporation (OTC:CZBS) is a community bank located in Atlanta, Georgia. It is the largest position in our fund and now has a $70m market cap.

In May, I attended the shareholders meeting where the only outside attendees were myself and two other shareholders.

The Citizens Bank team gave us each a turn to ask questions and make any suggestions. CEO Cynthia Day, Chairman of the Board Ray Robinson, and the rest of team clearly took those suggestions to heart.

One of the main shareholder suggestions has been for Citizens Bank to start releasing a quarterly statement that gives a high-level overview of how well the bank is performing – making it clear how undervalued the bank is. At the end of Q3 of this year, the Citizens Bank team did just that!

They issued a quarterly press release highlighting their incredible annual earnings growth of 86%, their strong capitalization position with cash and marketable securities of ~$299m, and other details outlining their tremendous year so far…” (Click here to read the full text)

A confident banker seated in a modern office, looking out over a bustling skyline.

Citizens Bancshares Corporation (OTC:CZBS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.