October 19, 2009 (FinancialWire) — Citizens South Banking Corp. (NASDAQ: CSBC) (Current Market Cap: $43.27 Mil.) has filed a registration statement with the Securities and Exchange Commission to allow the sale of around $30 million of common stock in an underwritten public offering through Keefe, Bruyette & Woods.

Citizens South intends to grant the underwriter an option to purchase up to an additional 15% of the shares sold to cover over-allotments.

The company plans to use the net proceeds for general corporate purposes and may contribute some portion of the net proceeds in the form of capital to Citizens South Bank.

Citizens South also plans to use a portion of the net proceeds of the stock offering to redeem the series A preferred stock and related warrant Citizens South issued to the U.S. Department of the Treasury under the TARP Capital Purchase Program.

Gastonia, North Carolina-based Citizens South is the holding company for Citizens South Bank, which operates 16 offices in the Charlotte region.

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