CB&T move makes it nation's second largest black-owned bank

BIRMINGHAM, ALABAMA - Atlanta-based Citizens Trust Bank has signed an agreement to acquire Birmingham&#39;s Citizens Federal Savings Bank in a deal the organizations say will create the second-largest black-owned bank in the country. <br> <br> Citizens Trust Bank said yesterday that it had agreed to acquire Citizens Federal, founded by the late A.G. Gaston in 1957, for $9.2 million. <br> <br> Citizens Federal operates three branches in Birmingham and Eutaw Citizens Trust, part of Citizens Bancshares Corp., has eleven offices in Atlanta and Columbus, Georgia. <br> <br> Citizens Trust Bank, founded in 1921, is one of Atlanta&#39;s oldest banks and the third-largest black-owned bank in the country with assets of $291 million as of March 31st.