Michigan bank Citizens Republic Bancorp Inc. (CRBC) is seeking a buyer and has hired J.P. Morgan Chase & Co. (JPM) to gauge interest, Bloomberg News reported Friday on its website, citing three people with knowledge of the matter.
Citizens has contacted potential suitors of late, according to the report. In addition, the bank is exploring ways to pay back a $300 million loan issued in 2008 from the federal government, possibly by issuing equity.
Spokeswomen for Citizens Republic and J.P. Morgan declined comment to Bloomberg.
Full story at: www.bloomberg.com/news/2012-08-03/citizens-republic-said-to-seek-buyers.html
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