Citizens Banking Corporation Announces Enhanced Trust Preferred Offering
September 29 2006 - 9:58AM
PR Newswire (US)
FLINT, Mich., Sept. 29 /PRNewswire-FirstCall/ -- Citizens Banking
Corporation ("Citizens") (NASDAQ:CBCF) announced today that
Citizens Funding Trust I (the "Trust") priced an offering of $150.0
million aggregate liquidation amount of enhanced trust preferred
securities. The enhanced trust preferred securities are expected to
be approved for listing on the New York Stock Exchange and to begin
trading within 30 days of issuance. Distributions on the
securities, which represent undivided beneficial interests in the
assets of the Trust, will accrue from the original issue date and
will be payable quarterly in arrears at an annual rate of 7.50%.
The sale of the securities is expected to be completed on or about
October 3, 2006, subject to customary closing conditions. The
proceeds from the offering will be used to finance the cash portion
of the consideration to be paid in Citizens' previously announced
merger with Republic Bancorp, Inc. and for general corporate
purposes. UBS Investment Bank, Morgan Stanley, Citigroup and
Wachovia Securities are acting as joint bookrunning managers for
the offering. Keefe, Bruyette & Woods and Credit Suisse are
co-managers. Copies of the prospectus and the prospectus supplement
are located on the Citizens website at
http://www.citizensonline.com/ under the Investor Relations heading
and SEC Filings selection and are also available by contacting the
underwriters. Corporate Profile 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 operates 182
branch, private banking, and financial center locations and 193
ATMs throughout Michigan, Wisconsin, and Iowa. More information is
available at http://www.citizensonline.com/ . Citizens Funding
Trust I is a Delaware statutory trust formed by Citizens Banking
Corporation. This communication shall not constitute an offer to
sell or the solicitation of an offer to buy securities, nor shall
there be any sale of securities in any jurisdiction in which such
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such jurisdiction.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050421/DETH014LOGO )
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http://photoarchive.ap.org/ DATASOURCE: Citizens Banking
Corporation CONTACT: Charles D. Christy, Chief Financial Officer,
+1-810-237-4200, , or Kathleen Miller, Investor Relations,
+1-810-257-2506, , both of Citizens Banking Corporation Web site:
http://www.citizensonline.com/
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