SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].
For the fiscal year ended December 31, 2004
------------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED].
For the transition period from _______________ to ______________________
Commission File Number 000-23971
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Citizens South Bank Employees' Savings & Profit Sharing Plan and Trust
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Citizens South Banking Corporation
519 South New Hope Road
Gastonia, North Carolina 28054-4040
SUMMARY ANNUAL REPORT
FOR CITIZENS SOUTH BANK EMPLOYEES' SAVINGS &
PROFIT SHARING PLAN AND TRUST
This is a summary of the annual report for the Citizens South Bank Employees'
Savings & Profit Sharing Plan and Trust, EIN 56-0233080, Plan No. 004, for the
period January 1, 2004 through December 31, 2004. The annual report has been
filed with the Employee Benefits Security Administration, U.S. Department of
Labor, as required under the Employee Retirement Income Security Act of 1974
(ERISA).
Basic Financial Statement
Benefits under the plan are provided through a trust fund. Plan expenses were
$626,453. These expenses included $597,450 in benefits paid to participants and
beneficiaries and $29,003 in other expenses. A total of 119 persons were
participants in or beneficiaries of the plan at the end of the plan year,
although not all of these persons had yet earned the right to receive benefits.
The value of plan assets, after subtracting liabilities of the plan, was
$5,986,474 as of December 31, 2004, compared to $5,902,517 as of January 1,
2004. During the plan year the plan experienced an increase in its net assets of
$83,957. This increase includes unrealized appreciation and depreciation in the
value of plan assets; that is, the difference between the value of the plan's
assets at the end of the year and the value of the assets at the beginning of
the year or the cost of assets acquired during the year. The plan had total
income of $710,410 including employer contributions of $107,009, employee
contributions of $310,442, and earnings from investments of $287,526.
Your Rights To Additional Information
You have the right to receive a copy of the full annual report, or any part
thereof, on request. The items listed below are included in that report:
1. financial information; and
2. information regarding any common or collective trusts, pooled
separate accounts, master trusts or 103-12 investment entities in which the plan
participates.
To obtain a copy of the full annual report, or any part thereof, write or call
Citizens South Bank, PO Box 2249, 519 SOUTH NEW HOPE ROAD, GASTONIA, NC
28054-4040, (704) 868-5200.
You also have the right to receive from the plan administrator, on request and
at no charge, a statement of the assets and liabilities of the plan and
accompanying notes, or a statement of income and expenses of the plan and
<page>
accompanying notes, or both. If you request a copy of the full annual report
from the plan administrator, these two statements and accompanying notes will be
included as part of that report.
You also have the legally protected right to examine the annual report at the
main office of the plan (Citizens South Bank, PO Box 2249, 519 SOUTH NEW HOPE
ROAD, GASTONIA, NC 28054-4040) and at the U.S. Department of Labor in
Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon
payment of copying costs. Requests to the Department should be addressed to:
Public Disclosure Room, Room N1513, Employee Benefits Security Administration,
U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
CITIZENS SOUTH BANK EMPLOYEES' SAVINGS
& PROFIT SHARING PLAN AND TRUST
Date: June 27, 2005 By: /s/ Paul L. Teem, Jr.
------------------------
Name: Paul L. Teem, Jr.
Title: Executive Vice President, Secretary
and Chief Administrative Officer