Citizens Bancshares Corp Watch

from 8-K 1 page July 23, 1998 Securities and Exchange Commission Washington, DC 20549 Re: Citizens Bancshares Corporation File No. 0-14535 Ladies and Gentlemen: We Were Previously Principal Accountants for Citizens Bancshares Corporation And, Under the Date of February 20, 1998, We Reported on the Consolidated Financial Statements of Citizens Bancshares Corporation and Subsidiaries as of and for the Years Ended December 31, 1997 and 1996. on July 17, 1998 Our Appointment as Principal Accountants Was Terminated. We Have Read Citizens Bancshares Corporation's Statements Included Under Item 4 of Its Form 8-K Dated July 24, 1998 and We Agree With Such Statements, Except That We Are Not in a Position to Agree or Disagree With Citizens Bancshares Corporation's Statements Under Item 4(a)(iii) and the Statements Under Item 4(b)(i) Regarding New Independent Accountants. Very Truly Yours, Porter Keadle Moore, Llp

from 10QSB/A 1 page [Article] 9 [Cik] [Name] <table> <s> <c> [Period-Type] 9-Mos [Fiscal-Year-End] Dec-31-1997 [Period-End] Sep-30-1997 [Cash] 8549 [Int-Bearing-Deposits] 83031 [Fed-Funds-Sold] 1000 [Trading-Assets] 0 [Investments-Held-For-Sale] 18934 [Investments-Carrying] 0 [Investments-Market] 8863 [Loans] 82805 [Allowance] 1272 [Total-Assets] 127580 [Deposits] 115601 [Short-Term] 0 [Liabilities-Other] 1271 [Long-Term] 630 [Preferred-Mandatory] 0 [Preferred] 0 [Common] 1330 [Other-Se] 8748 [Total-Liabilities-And-Equity] 127580 [Interest-Loan] 5535 [Interest-Invest] 1753 [Interest-Other] 127 [Interest-Total] 7415 [Interest-Deposit] 2298 [Interest-Expense] 2361 [Interest-Income-Net] 5054 [Loan-Losses] 0 [Securities-Gains] 13 [Expense-Other] 7747 [Income-Pretax] 131 [Income-Pre-Extraordinary] 131 [Extraordinary] 0 [Changes] 0 [Net-Income] 87 [EPS-Primary] .07 [EPS-Diluted] .07 [Yield-Actual] 4.54 [Loans-Non] 1062 [Loans-Past] 41 [Loans-Troubled] 200 [Loans-Problem] 0 [Allowance-Open] 1441 [Charge-Offs] 436 [Recoveries] 237 [Allowance-Close] 1272 [Allowance-Domestic] 1272 [Allowance-Foreign] 0 [Allowance-Unallocated] 0 </Table>

from 10QSB 1 page [Article] 9 [Cik] [Name] <table> <s> <c> [Period-Type] 9-Mos [Fiscal-Year-End] Dec-31-1997 [Period-End] Sep-30-1997 [Cash] 8549 [Int-Bearing-Deposits] 83031 [Fed-Funds-Sold] 1000 [Trading-Assets] 0 [Investments-Held-For-Sale] 18934 [Investments-Carrying] 0 [Investments-Market] 8863 [Loans] 82805 [Allowance] 1272 [Total-Assets] 127580 [Deposits] 115601 [Short-Term] 0 [Liabilities-Other] 1271 [Long-Term] 630 [Preferred-Mandatory] 0 [Preferred] 0 [Common] 1330 [Other-Se] 8748 [Total-Liabilities-And-Equity] 127580 [Interest-Loan] 5535 [Interest-Invest] 1753 [Interest-Other] 127 [Interest-Total] 7415 [Interest-Deposit] 2298 [Interest-Expense] 2361 [Interest-Income-Net] 5054 [Loan-Losses] 0 [Securities-Gains] 13 [Expense-Other] 7747 [Income-Pretax] 131 [Income-Pre-Extraordinary] 131 [Extraordinary] 0 [Changes] 0 [Net-Income] 87 [EPS-Primary] .07 [EPS-Diluted] .07 [Yield-Actual] 4.54 [Loans-Non] 1062 [Loans-Past] 41 [Loans-Troubled] 200 [Loans-Problem] 0 [Allowance-Open] 1441 [Charge-Offs] 436 [Recoveries] 237 [Allowance-Close] 1272 [Allowance-Domestic] 1272 [Allowance-Foreign] 0 [Allowance-Unallocated] 0 </Table>

from 10QSB 1 page [Article] 9 [Cik] [Name] <table> <s> <c> [Period-Type] 6-Mos [Fiscal-Year-End] Dec-31-1997 [Period-End] Jun-30-1997 [Cash] 8905 [Int-Bearing-Deposits] 80891 [Fed-Funds-Sold] 2200 [Trading-Assets] 0 [Investments-Held-For-Sale] 20392 [Investments-Carrying] 0 [Investments-Market] 8822 [Loans] 80392 [Allowance] 1290 [Total-Assets] 128377 [Deposits] 116345 [Short-Term] 0 [Liabilities-Other] 1222 [Long-Term] 675 [Preferred-Mandatory] 0 [Preferred] 0 [Common] 1330 [Other-Se] 8673 [Total-Liabilities-And-Equity] 128377 [Interest-Loan] 3603 [Interest-Invest] 1287 [Interest-Other] 106 [Interest-Total] 4996 [Interest-Deposit] 1605 [Interest-Expense] 1638 [Interest-Income-Net] 3358 [Loan-Losses] 0 [Securities-Gains] 10 [Expense-Other] 5180 [Income-Pretax] 49 [Income-Pre-Extraordinary] 49 [Extraordinary] 0 [Changes] 0 [Net-Income] 36 [EPS-Primary] .03 [EPS-Diluted] .03 [Yield-Actual] 5.45 [Loans-Non] 1093 [Loans-Past] 49 [Loans-Troubled] 200 [Loans-Problem] 0 [Allowance-Open] 1441 [Charge-Offs] 315 [Recoveries] 164 [Allowance-Close] 1290 [Allowance-Domestic] 1290 [Allowance-Foreign] 0 [Allowance-Unallocated] 0 </Table>

from 8-K/A 1 page September 9, 1996 Securities and Exchange Commission Washington, DC 20549 Ladies and Gentlemen: We Were Previously Principal Accountants for Citizens Bancshares Corporation And, Under the Date of February 9, 1996, We Reported on the Consolidated Financial Statements of Citizens Bancshares Corporation and Subsidiaries as of and for the Years Ended December 31, 1995 and 1994. on September 3, 1996 Our Appointment as Principal Accountants Was Terminated. We Have Read Citizens Bancshares Corporation's Statements Included Under Item 4 of Its Form 8-K Dated September 6, 1996 and We Agree With Such Statements, Except That We Are Not in a Position to Agree or Disagree With Citizens Bancshares Corporation's Statements Under Item 4(a)(iii) and the Statements Under Item 4(b)(i) Regarding New Independent Accountants. Very Truly Yours, Kpmg Peat Marwick Llp