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<p align=center>UNITED STATES<br>
SECURITIES AND
EXCHANGE COMMISSION<br>
Washington, D.C.
20549</p>

<p align=center>&nbsp;</p>

<p align="center"><b>FORM 8-K</b></p>

<p align=center>&nbsp;</p>

<p align="center"><b>CURRENT REPORT</b></p>

<p align=center>&nbsp;</p>

<p align=center>Pursuant to Section
13 or 15(d) of<br>
the Securities
Exchange Act of 1934</p>

<p align=center>&nbsp;</p>

<p align=center>Date of Report&nbsp; (Earliest Event Reported)&nbsp; <u>February 28, 2003 (February 28, 2003)]</u></p>

<p align=center>&nbsp;</p>

<p align="center"><u>Citizens Bancshares Corporation<br>
</u>(Exact Name of
Registrant as<br>
Specified in its
Charter)</p>

<p align=center>&nbsp;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<div align="left">
  <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="725">
    <tr>
      <td width="284" align="center">&nbsp;&nbsp;&nbsp;&nbsp; <u>Georgia</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </td>
      <td width="276" align="center">&nbsp;<u>333-38509</u></td>
      <td width="202" align="center"> <u>58-1631302</u></td>
    </tr>
    <tr>
      <td width="284" align="center" valign="bottom">(State or other jurisdiction&nbsp;&nbsp;<br>
      of Incorporation)</td>
      <td width="276" align="center" valign="bottom">(CommissionFile <br>
      Number)</td>
      <td width="202" align="center" valign="bottom">(IRS
Employer<br>
      Identification
Number)</td>
    </tr>
    <tr>
      <td width="284" align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;
      </td>
      <td width="276" align="center">&nbsp;</td>
      <td width="202" align="center">&nbsp;</td>
    </tr>
  </table>
</div>

<p align=center>&nbsp;</p>

<p align="center"><u>75 Piedmont Avenue, NE, Atlanta, Georgia 30303<br>
</u>(Address of principal
executive offices)</p>

<p align=center>&nbsp;</p>

<p align=center><u>(404) 659-5959<br>
</u>(Registrant's
Telephone Number)</p>

<p align=center>&nbsp;</p>

<p align=center>(Former name or
former address, if changed since last report)</p><br clear=all>


<p>&nbsp;</p>
<p>&nbsp;</p>
<hr color="#000080">
<p>&nbsp;</p>


<p><u>Item 2</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Acquisition
of Assets</u></p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On
February&nbsp;28, 2003, Citizens Bancshares Corporation (&quot;CBC&quot;) completed its
acquisition of CFS Bancshares, Inc. (&quot;CFS&quot;) </p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under the
terms of the agreement, each outstanding share of CFS common stock was
converted into the right to receive cash in the amount of $65.04.&nbsp; Further information regarding the terms of
the acquisition is contained in the &quot;Agreement and Plan of Merger by and
between Citizens Bancshares Corporation and CFS Bancshares, Inc., <u>et al.</u>&quot;
and the amendment thereto attached hereto as <u>Exhibit 99.1</u>.</p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBC will
have approximately $383 million in assets.</p>



<br clear=all>


<p align="center">2</p>
<hr color="#000080">
<p>&nbsp;</p>


<p><u>Item 7</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Financial
Statements, Pro Forma Financial Information and Exhibits</u>.</p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements of Business
Acquired.</p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company will file
the required financial statements by amendment to this Report <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as soon as
practicable, but not later than 60 days after February&nbsp;28, 2003. </p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro Forma Financial Information.</p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company will file
the required pro forma financial information by amendment to <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; this Report as
soon as practicable, but not later than 60 days after February&nbsp;28, 2003.</p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits. </p>



<p>99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agreement and Plan of Merger by and
between Citizens Bancshares Corporation <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and CFS Bancshares, Inc., <u>et al. </u>dated
May&nbsp;30, 2002, as amended December&nbsp;19, 2002.[1]/</p>



<p>99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Press Release.</p>















<br clear=all>


<p>&nbsp;</p>
<p>1 Incorporated by reference to Exhibit 99.1 to the Form 8-K filed by the
Company May 30, 2002 and Exhibit 99.1 to the Form 8-K filed by the Company on
December 31, 2002</p>
<p align="center">3</p>
<hr color="#000080">
<p>&nbsp;</p>


<p align=center><b>Signature</b></p>











<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to
the requirements of the Securities Exchange Act of 1934, as amended, Registrant
has caused this report to be signed on its behalf by the undersigned hereunto
duly authorized. </p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENS BANCSHARES CORPORATION </p>







<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: <u>// James E. Young&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James E.
Young<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President</p>



<p>Dated: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February
28, 2003</u></p>







<i><u><br clear=all>
</u></i>

<p align="center">4</p>
<hr color="#000080">

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{"company-data": {"conformed-name": "CITIZENS BANCSHARES CORP /GA/", "cik": "0000813640", "assigned-sic": "6022", "irs-number": "581631302", "state-of-incorporation": "GA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-14913", "film-number": "03586911"}, "business-address": {"street1": "75 PIEDMONT AVENUE NE", "street2": "P O BOX 4485", "city": "ATLANTA", "state": "GA", "zip": "30302", "phone": "4046595959"}, "mail-address": {"street1": "P O BOX 4485", "city": "ATLANTA", "state": "GA", "zip": "30303"}}
Prepared by E-Services, LLC.www.edgar2.net
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section
13 or 15(d) of
the Securities
Exchange Act of 1934
Date of Report  (Earliest Event Reported)
February 28, 2003 (February 28, 2003)]
Citizens Bancshares Corporation
(Exact Name of
Registrant as
Specified in its
Charter)
Georgia
333-38509
58-1631302
(State or other jurisdiction
of Incorporation)
(CommissionFile
Number)
(IRS
Employer
Identification
Number)
75 Piedmont Avenue, NE, Atlanta, Georgia 30303
(Address of principal
executive offices)
(404) 659-5959
(Registrant's
Telephone Number)
(Former name or
former address, if changed since last report)
Item 2
Acquisition
of Assets
On
February 28, 2003, Citizens Bancshares Corporation ("CBC") completed its
acquisition of CFS Bancshares, Inc. ("CFS")
Under the
terms of the agreement, each outstanding share of CFS common stock was
converted into the right to receive cash in the amount of $65.04.  Further information regarding the terms of
the acquisition is contained in the "Agreement and Plan of Merger by and
between Citizens Bancshares Corporation and CFS Bancshares, Inc.,
et al.
"
and the amendment thereto attached hereto as
Exhibit 99.1
.
CBC will
have approximately $383 million in assets.
2
Item 7
Financial
Statements, Pro Forma Financial Information and Exhibits
.
(a)        Financial Statements of Business
Acquired.
The Company will file
the required financial statements by amendment to this Report
as soon as
practicable, but not later than 60 days after February 28, 2003.
(b)            Pro Forma Financial Information.
The Company will file
the required pro forma financial information by amendment to
this Report as
soon as practicable, but not later than 60 days after February 28, 2003.
(c)            Exhibits.
99.1                 Agreement and Plan of Merger by and
between Citizens Bancshares Corporation
and CFS Bancshares, Inc.,
et al.
dated
May 30, 2002, as amended December 19, 2002.[1]/
99.2                  Press Release.
1 Incorporated by reference to Exhibit 99.1 to the Form 8-K filed by the
Company May 30, 2002 and Exhibit 99.1 to the Form 8-K filed by the Company on
December 31, 2002
3
Signature
Pursuant to
the requirements of the Securities Exchange Act of 1934, as amended, Registrant
has caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
CITIZENS BANCSHARES CORPORATION
By:
// James E. Young
James E.
Young
President
Dated:
February
28, 2003
4