FLINT, Mich., Oct. 15, 2008 (GLOBE NEWSWIRE) -- Citizens Republic Bancorp (Nasdaq:CRBC) announced today that Citizens Bank was ranked the No. 1 Small Business Association (SBA) lender in dollars in Michigan for its fiscal year ended September 30, 2008, with $28.2 million in SBA loan approvals. Citizens also ranked No. 1 in Preferred Lender Program (PLP) loans approved during the year.
"PLP lending status is awarded to lenders based on excellent performance and production history with the SBA," said Tom Zernick, Head of SBA lending at Citizens Bank. "Preferred lenders like Citizens Bank enjoy delegated underwriting and have the ability to approve SBA loan applications in-house on behalf of the SBA. This delegated underwriting provides for extremely fast loan approvals and expedited loan closings."
Richard Temkin, SBA's Michigan District Director, said, "I want to commend Citizens Bank for its great commitment to SBA lending. Citizens had a bigger increase than any other lender in the number of SBA loans it guaranteed in Michigan in fiscal 2008. Moreover, with total loans of more than $28 million, it was our top SBA lender in terms of dollars."
SBA loans can be used for a variety of purposes including: permanent working capital, equipment purchases, building expansion and acquisition, business acquisition, debt refinance and revolving credit needs.
Zernick added that the benefits of SBA lending include: lower down-payment requirements, which in turn, preserves cash for working capital; longer amortizations, which helps clients with improved cash flow; and, no balloon notes that provide access to long-term permanent capital.
"We are very proud of being Michigan's largest SBA lender in dollars," said Zernick. "This demonstrates our consistent commitment to supporting small businesses across Michigan."
Corporate Profile
Citizens Republic Bancorp, Inc. 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 Republic serves communities in Michigan, Ohio, Wisconsin and Indiana as Citizens Bank and in Iowa as F&M Bank, with 235 offices and 265 ATMs. Citizens Republic Bancorp is the largest bank holding company headquartered in Michigan with roots dating back to 1871 and is the 43rd-largest bank holding company headquartered in the United States. More information about Citizens Republic Bancorp is available at www.citizensbanking.com.