Key Developments For Citizens Republic Bancorp, Inc.
Citizens Republic Bancorp, Inc. (CRBC.O) (Nasdaq)
Citizens Republic Bancorp, Inc. Extends Participation In FDIC Transaction Account Guarantee Program
Citizens Republic Bancorp, Inc. announced that it will continue its participation in the Federal Deposit Insurance Corporation's (FDIC) voluntary Transaction Account Guarantee Program (TAGP) under the Temporary Liquidity Guarantee Program through June 30, 2010. Under the TAGP, non-interest bearing transaction accounts, qualified NOW checking accounts paying 0.50% interest or less, and Interest on Lawyers Trust Accounts (IOLTA) are fully guaranteed by the FDIC for the entire amount in the account, which is in addition to and separate from coverage provided through the FDIC's general deposit insurance fund (which covers balances up to $250,000 per depositor through December 31, 2013).
Fitch Downgrades & Places Citizens Republic Bancorp, Inc. on Rating Watch Negative
Fitch Ratings announced that it has downgraded the long-term and short-term Issuer Default Ratings (IDRs) for Citizens Republic Bancorp, Inc. to 'B+' and 'B', respectively. In addition, Fitch has downgraded the long-term and short-term IDRs of CRBC's principal bank subsidiaries, including lead bank Citizens Bank, to 'BB-' and 'B', respectively. The ratings have been placed on Rating Watch Negative.
Citizens Republic Bancorp, Inc. Announces Hartman Resignation From Board Of Directors
Citizens Republic Bancorp, Inc. announced that William R. Hartman has resigned as Chairman and a member of the Board of Directors, effective May 26, 2009. The Company expects that Mr. Hartman's successor as Chairman will be appointed by the Board at its next meeting just prior to the Company's May 27, 2009 annual meeting of shareholders.
Citizens Republic Bancorp, Inc. Announces Retirement Of William R. Hartman As President and Chief Executive Officer
Citizens Republic Bancorp, Inc. announced the retirement of William R. Hartman as the Bank's President and Chief Executive Officer, effective January 31, 2009. The Board, at its regularly scheduled meeting, has named Cathleen H. Nash, who most recently served as the Banks' executive vice President and head of regional banking, to replace Mr. Hartman as President and Chief Executive Officer.
Citizens Republic Bancorp, Inc. Issues $300 Million In Preferred Stock To The U.S. Treasury
Citizens Republic Bancorp, Inc. announced that on December 12, 2008 it issued 300,000 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, (preferred stock) to the U.S. Department of the Treasury (Treasury) as part of the Treasury's Capital Purchase Program. The aggregate value of transaction is $300 million. In addition, Citizens issued a 10 -year warrant to the Treasury to purchase up to 17,578,125 shares of Citizens' common stock, no par value, at an exercise price of $2.56 per share. The preferred stock and warrants will be treated as additions to Citizens' regulatory Tier 1 and Total capital and will increase Citizens' already strong Tier 1 capital ratio from 10.88% at September 30, 2008 to approximately 13.85% on a pro forma basis.
