FLINT, Mich., Dec. 11, 2012 /PRNewswire/ -- Citizens Republic
Bancorp (Nasdaq: CRBC) announced today that it will resume interest
payments on its outstanding junior subordinated debentures relating
to its two trust preferred securities.
Regularly scheduled quarterly interest payments were deferred in
January 2010 although Citizens
continued to accrue for the obligations. Payment on the variable
rate junior subordinated debentures due June
2033 will be made on December 26,
2012 for the 12 deferred payments plus interest to holders
of record on December 15, 2012.
Payment on the 7.50% junior subordinated debentures due
September 2066 (NYSE: CTZ-PrA) will
be made on December 27, 2012 for the
12 deferred payments plus interest to holders of record on
December 19, 2012. In the aggregate,
Citizens' accrued obligation for these deferred payments is
approximately $15 million.
Thereafter, Citizens intends to resume the regular quarterly
interest payment schedule.
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 serves communities in Michigan, Ohio, and Wisconsin with 219 offices and 249 ATMs.
Citizens is the largest bank holding company headquartered in
Michigan with roots dating back to
1871 and is the 57th largest bank holding company headquartered in
the United States. More
information about Citizens is available at
www.citizensbanking.com.
SOURCE Citizens Republic Bancorp