Citizens Republic Bancorp Modifies Prior Announcement Regarding
Resumption of Payments on Trust Preferred Securities
FLINT, Mich., Dec. 18, 2012 /PRNewswire/
-- Citizens Republic Bancorp, Inc. (Nasdaq: CRBC) announced
today that it was modifying its December
11 announcement regarding the resumption of payments on its
7.50% junior subordinated debentures due September 2066 and related trust preferred
securities (NYSE: CTZ-PrA).
The previous announcement stated that the deferred payments
would be paid on December 27, 2012 to
holders of record on December 19,
2012. Due to certain terms of the underlying trust preferred
documentation, the company regrettably is not permitted to pay the
deferred payments (currently totaling approximately $12 million) until March
15, 2013. Therefore, the previously disclosed record date of
December 19, 2012 that was declared
is null and void. Citizens intends to pay the deferred payments on
March 15, 2013 to holders of record
as of a new record date in March
2013, to be determined in accordance with the underlying
trust preferred documentation. Citizens also intends to
resume the regular quarterly interest payment schedule on that
date.
Any inquiries should be forwarded to the Company to the
attention of Kristine Brenner at
(810) 257-2506 or kristine.brenner@citizensbanking.com.
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.
Safe Harbor Statement
Discussions and statements in this release that are not
statements of historical fact, including without limitation,
statements that include terms such as "will," "may," "should,"
"believe," "expect," "anticipate," "estimate," "project," "intend,"
and "plan," and statements regarding Citizens' future financial and
operating results, plans, objectives, expectations and intentions,
are forward-looking statements that involve risks and
uncertainties, many of which are beyond Citizens' control or are
subject to change. No forward-looking statement is a
guarantee of future performance and actual results could differ
materially.
Factors that could cause or contribute to actual results
differing materially from Citizens' expectations include the risks
and uncertainties detailed from time to time in Citizens' annual
and quarterly filings with the SEC, which are available at the
SEC's website www.sec.gov. Other factors not currently
anticipated may also materially and adversely affect Citizens'
results of operations, cash flows, financial position and
prospects. 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.
SOURCE Citizens Republic Bancorp, Inc.