Citizens Bancshares Corporation
Climate Impact & Sustainability Data (2017, 2020)
Reporting Period: 2017
Environmental Metrics
ESG Focus Areas
- Community development
- Customer centricity
- Brand enhancement
Social Achievements
- Partnered with local schools to reach over 2,200 students through a financial independence training program.
- Experienced 78% and 300% mortgage production growth in 2017 and 2016, respectively.
- Consolidated branch and operations network and overhauled facilities.
- Customer base grew more than 65% since 2015, from 10,000 to more than 17,000 customers.
Governance Achievements
- Executed on the strategic initiative to take the Company private
- Executed and integrated a $35 million acquisition consisting of approximately 5,000 new customers
- Exited the U.S. Department of Treasury Troubled Asset Relief Program (“TARP”) while remaining well capitalized
Climate Goals & Targets
Medium-term Goals:
- Enhance digital presence to drive brand exposure and growth
- Pursue diversification in lines of business
Short-term Goals:
- Implementation of a small business loan app—to launch in 2019
Environmental Challenges
- Digital technologies creating new challenges and opportunities.
- Banking industry shift from sales and product business to one targeting specific customer needs.
- Increased competition and customer expectations for enhanced digital banking services.
Mitigation Strategies
- Embrace innovation, manage talent differently, and pursue key partnerships.
- Allocate human and financial capital to advancing technology for an optimum customer experience and broader market reach.
- Retooling organizational structure to fit evolving customer interaction through technology, with an emphasis on digital and social media platforms.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Period: 2020
Environmental Metrics
ESG Focus Areas
- Diversity, Equity, Inclusion
- Community Development
- Economic Equality
- Social Justice
Social Achievements
- Supported small businesses through the SBA Paycheck Protection Program (PPP), providing over $62 million in loans.
- Launched CTB Cares initiative to support vulnerable community members, matching customer contributions for food insecurity relief.
- Maintained all financial centers open during the pandemic to ensure accessibility for customers.
- Provided payment deferrals to businesses to preserve liquidity and save jobs.
- Provided paid leave and bonuses to employees during the pandemic.
Climate Goals & Targets
Environmental Challenges
- COVID-19 pandemic impacting operations, customers, and employees.
- Racial and economic inequalities highlighted by national events.
Mitigation Strategies
- Swiftly shifted operations to a remote work environment.
- Deployed PPE for customer-facing employees.
- Provided lunch and bonuses to show appreciation for employee commitment.
- Provided paid leave for employees needing to care for family or themselves.
- Partnered with small businesses to navigate PPP eligibility and funding.
- Enhanced digital platforms for remote account opening and loan funding.
- Launched CTB Cares initiative to address food insecurity.