Citizens Banking Corporation and Republic Bancorp Inc. Announce Agreement to Sell Branches
18 Diciembre 2006 - 8:00AM
PR Newswire (US)
FLINT, Mich. and ANN ARBOR, Mich., Dec. 18 /PRNewswire-FirstCall/
-- Citizens Banking Corporation ("Citizens") (NASDAQ:CBCF) and
Republic Bancorp Inc. ("Republic") (NASDAQ:RBNC) announced today
the signing of a definitive agreement to sell seven Republic Bank
branches in the Flint banking market to First Place Financial Corp.
(NASDAQ:FPFC) based in Warren, Ohio. This divestiture is required
by the Board of Governors of the Federal Reserve System in
connection with the merger between Citizens and Republic, which is
expected to be completed on December 29, 2006. The branch sale is
expected to close in the second quarter of 2007. The seven branches
represent a total of approximately $210 million in deposits and are
located at: * 3213 North Genesee Road, Flint, Michigan * 6120
Fenton Road, Flint, Michigan * 220 East Main Street, Flushing,
Michigan * 4409 Miller Road, Flint Township, Michigan * 3410 South
Dort Highway, Flint, Michigan * 2629 West Pierson Road, Flint,
Michigan * 727 South State Road, Davison, Michigan 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: Donald Hoffman, Public
Relations of Citizens Banking Corporation, +1-810-237-4986, ; or
Kristine D. Brenner, Investor Relations of Republic Bancorp Inc.,
+1-989-725-7337, Web site: http://www.republicbancorp.com/
http://www.citizensonline.com/
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