Federal Reserve Board Approves the Merger of Citizens Banking Corporation and Republic Bancorp Inc.
13 Diciembre 2006 - 10:04AM
PR Newswire (US)
FLINT, Mich., and ANN ARBOR, Mich., Dec. 13 /PRNewswire-FirstCall/
-- Citizens Banking Corporation ("Citizens") (NASDAQ:CBCF) and
Republic Bancorp Inc. ("Republic") (NASDAQ:RBNC) announced today
that on December 12, 2006, the Board of Governors of the Federal
Reserve System approved their proposed merger. The companies expect
to complete the merger by the end of 2006. About Citizens Banking
Corporation Citizens Banking Corporation is a diversified financial
services company providing a wide range of commercial, consumer,
mortgage banking, trust, and financial planning services to a broad
client base. Citizens Banking Corporation serves markets through
Citizens Bank offices in Michigan and Wisconsin, and through
F&M Bank offices in Iowa. Citizens Banking Corporation has
roots going back to 1871 in Flint, Mich., and is the second-largest
bank holding company headquartered in Michigan. Citizens, with 181
branch, private banking, and financial center locations and 196
ATMs, is the 69th largest bank holding company in the United
States, with assets of $7.7 billion as of Sept. 30, 2006. More
information about Citizens Banking Corporation is available at
http://www.citizensonline.com/ . About Republic Bancorp Inc.
Republic Bancorp Inc., with $6.2 billion in assets, is the third
largest bank holding company headquartered in Michigan and the 82nd
largest bank holding company in the country. Its subsidiary,
Republic Bank, serves customers in Michigan, Ohio and Indiana with
88 retail, commercial and mortgage banking offices and 90 ATMs.
Republic has consistently been the #1 Small Business Administration
bank lender based in Michigan and one of the Midwest's top retail
mortgage lenders. Republic was named the 17th Best Company to Work
For by FORTUNE magazine (marking the sixth year on FORTUNE's "100
Best Companies to Work For" list) and named to Working Mother
magazine's list of "100 Best Companies for Working Mothers" for the
sixth year in a row. More information about Republic Bancorp Inc.
is available at http://www.republicbancorp.com/ . Safe Harbor
Statement Discussions in this release that are not statements of
historical fact (including statements that include terms such as
"will," "may," "should," "believe," "expect," "anticipate,"
"estimate," "intend," and "plan") are forward-looking statements
that involve risks and uncertainties. Any forward- looking
statement is not a guarantee of future performance and actual
results could differ materially from those contained in the
forward-looking information. Such forward-looking statements
include, but are not limited to, statements about the benefits of
the business combination transaction involving Citizens and
Republic, including future financial and operating results, the new
company's plans, objectives, expectations and intentions and other
statements that are not historical facts. The following factors,
among others, could cause actual results to differ from those set
forth in the forward-looking statements: the risk that the
businesses will not be integrated successfully; deposit attrition
and disruption from the transaction making it more difficult to
maintain relationships with customers, employees or suppliers; the
risk that the cost savings and any other synergies from the
transaction may not be fully realized or may take longer to realize
than expected; competition and its effect on pricing, spending,
third-party relationships and revenues; movements in market
interest rates and secondary market volatility; divestitures
assumed and/or required; potential conditions that may affect the
tax-free status of the Republic stock exchange for Citizens' common
shares; and unfavorable changes in economic and business conditions
or the regulatory environment. Additional factors that may affect
future results are contained in Citizens' and Republic's filings
with the SEC, which are available at the SEC's web site
http://www.sec.gov/ . Citizens and Republic disclaim any obligation
to update and revise statements contained in these materials based
on new information or otherwise. DATASOURCE: Republic Bancorp Inc.;
Citizens Banking Corporation CONTACT: Kathleen Miller, Investor
Relations of Citizens Banking Corporation, +1-810-257-2506, ; or
Kristine D. Brenner, Director of Investor Relations of Republic
Bancorp Inc., +1-989-725-7337, Web site:
http://www.republicbancorp.com/ http://www.citizensonline.com/
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