Citizens Banking Corporation and Republic Bancorp Inc. Announce Agreement to Sell Branches

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, [phone],  ; or Kristine D.

Brenner, Investor Relations of Republic Bancorp Inc., [phone],

 



Web site:  http://www.republicbancorp.com/

http://www.citizensonline.com/ 

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