Citizens Banking Corporation and Republic Bancorp Inc. Shareholders Approve Merger
30 Novembre 2006 - 5:34PM
PR Newswire (US)
FLINT, Mich. and ANN ARBOR, Mich., Nov. 30 /PRNewswire-FirstCall/
-- Citizens Banking Corporation ("Citizens") (NASDAQ:CBCF) and
Republic Bancorp Inc. ("Republic") (NASDAQ:RBNC) announced today
that shareholders of both companies have approved their merger.
Citizens and Republic announced plans to merge in June 2006 and
expect the transaction to close by the end of 2006, pending receipt
of regulatory approvals and other customary closing conditions.
"This merger will create a leading Midwest franchise that enhances
our core markets, sales culture, product capabilities, and credit
competencies, and will also improve our presence in attractive,
high-growth markets," said William R. Hartman, chairman, president
and CEO of Citizens. "Most importantly, it will position us to
enhance long-term shareholder value." Hartman will serve as CEO of
Citizens Republic Bancorp ("Citizens Republic") following
completion of the merger. "Because our banks complement each other
in many ways and by implementing the best practices from each
organization, we will have an even greater ability to deliver
superior products and services to our customers. This translates
into an opportunity for stronger financial performance and enhanced
shareholder value," said Dana M. Cluckey, president and CEO of
Republic. Mr. Cluckey will serve as president and chief operating
officer of Citizens Republic. Upon completion of the transaction,
Citizens Republic will represent a strong regional brand and will
be better positioned to compete with super- regional as well as
community banks. Based on September 30, 2006 data, the combined
entity will be the 45th largest bank holding company headquartered
in the United States with market capitalization of $2.0 billion,
assets of $14.0 billion, deposits of $8.7 billion, and trust assets
under administration of $2.6 billion. Citizens Republic will
provide a full complement of commercial, cash management, wealth
management, and specialty lending products and services to Republic
customers as well as enhanced SBA, commercial real estate and
mortgage banking products and services for Citizens customers
through 269 branch and loan production offices and 286 ATMs in
Michigan, Wisconsin, Ohio, Iowa, and Indiana. This partnership will
significantly increase the Southeast Michigan presence to 39
locations, giving Citizens Republic almost 5 percent of total
deposit market share in Michigan, and placing over 35 percent of
its deposits in high-growth markets. 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 O. Miller, Investor
Relations of Citizens Banking Corporation, +1-810-257-2506, ; 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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