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.
SOURCE Republic Bancorp Inc.; Citizens Banking Corporation
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Related links:
http://www.republicbancorp.com
http://www.citizensonline.com
CONTACT:
Donald Hoffman, Public Relations of Citizens
Banking Corporation, +1-810-237-4986, Donald.Hoffman@cbcf-net.com
; or Kristine D. Brenner, Investor Relations of Republic Bancorp
Inc., +1-989-725-7337, kbrenner@republicbancorp.com
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