FLINT, Mich., Dec. 9, 2008 (GLOBE NEWSWIRE) -- Citizens Republic Bancorp, Inc. (Nasdaq:CRBC) today announced that it and two of its subsidiaries, Citizens Bank and F&M Bank-Iowa, will participate in the Federal Deposit Insurance Corporation (FDIC) Temporary Liquidity Guarantee Program, which has two components:
* the Transaction Account Guarantee Program, which provides 100
percent insurance coverage for domestic non-interest bearing
transaction accounts regardless of dollar amount at eligible
FDIC-insured depository institutions through December 31, 2009;
and
* the Debt Guarantee Program, by which the FDIC will guarantee the
payment of newly issued senior unsecured debt until the earlier
of its maturity or June 30, 2012.
Under the Transaction Account Guarantee Program, in addition to non-interest bearing transaction accounts, negotiable order of withdrawal (NOW) accounts with interest rates of 0.50 percent or less, and certain other account types are also covered.
The Debt Guarantee Program provides an FDIC guarantee for newly issued senior unsecured debt of eligible financial institutions, such as Citizens Republic Bancorp, Inc., Citizens Bank and F&M Bank. Funded through insurance premiums on newly issued debt, this debt guarantee program is intended to increase liquidity by assisting eligible institutions to replace existing debt that is scheduled to mature on or before June 30, 2009.
Corporate Profile
Citizens Republic Bancorp 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 serves communities in Michigan, Ohio, Wisconsin, and Indiana as Citizens Bank and in Iowa as F&M Bank, with 233 offices and 264 ATMs. Citizens Republic Bancorp is the largest bank holding company headquartered in Michigan with roots dating back to 1871 and the 43rd largest bank holding company headquartered in the United States. More information about Citizens Republic Bancorp is available at www.citizensbanking.com.
Safe Harbor Statement
Discussions and statements in this release that are not statements of historical fact, including statements that include terms such as "will," "may," "should," "believe," "expect," "anticipate," "estimate," "project," "intend," and "plan," including without limitation future financial and operating results, plans, objectives, expectations and intentions and other statements that are not historical facts, 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.
Factors and any other risks and uncertainties are detailed from time to time in Citizens' filings with the SEC, which are available at the SEC's web site www.sec.gov. Other factors not currently anticipated may also materially and adversely affect Citizens' results of operations, cash flows and financial position. There can be no assurance that future results will meet expectations. While Citizens believes that the forward-looking statements in this release are reasonable, you should not place undue reliance on any forward-looking statement. In addition, these statements speak only as of the date made. Citizens does not undertake, and expressly disclaims any obligation to update or alter any statements, whether as a result of new information, future events or otherwise, except as required by applicable law.