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CITIZENS BANKING CORPORATION DECLARES DIVIDEND

 FLINT, Mich., July 19 /PRNewswire/ -- Citizens Banking Corporation's (NASDAQ-NMS: CBCF) board of directors declared a regular cash dividend of $0.19 per share payable Aug. 11, 1993, to shareholders of record on July 29, 1993.
 As previously reported, net income for the first half of 1993 increased 24.3 percent to $12,366,000 compared with net income before cumulative effect of change in accounting principle of $10,423,000 earned during the first half of 1992. Likewise, fully diluted net income per share was $0.92, up 17.9 percent from net income per share before cumulative effect of change in accounting principle of $0.78 for the first half of 1992. A first-quarter 1992, non-recurring charge of $19,553,000, to reflect adoption of new mandatory accounting for retiree medical and life insurance benefits, caused first-half 1992 earnings to be a loss of $2,482,000 or $0.19 per share.
 On March 19, 1993, Citizens announced an agreement to acquire Royal Bank Group, Inc., parent of National Bank of Royal Oak, for $22.5 million in an exchange of common stock. National Bank of Royal Oak, with assets of $187 million, serves the Royal Oak, Mich., market through four offices. The transaction, which is subject to approval by shareholders of Royal Bank Group, Inc. and regulatory authorities, is expected to be completed early in the fourth quarter of 1993.
 Citizens Banking Corporation is the sixth-largest bank holding company headquartered in Michigan and is the parent of Citizens Commercial & Savings Bank of Flint, Second National Bank of Saginaw, Second National Bank of Bay City, State Bank of Standish, Grayling State Bank, Century Life Insurance Company of Michigan, a credit life reinsurance company, and Commercial National Bank of Berwyn, Ill. The corporation's common stock is traded in the over-the-counter market (NASDAQ trading symbol: CBCF).
 -0- 7/19/93
 /CONTACT: Wayne G. Schaeffer, senior vice president, treasurer and chief financial officer, Citizens Banking Corporation, 313-766-7978/
 (CBCF)


CO: Citizens Banking Corporation ST: Michigan IN: FIN SU: DIV

SB -- DE012 -- 3016 07/19/93 11:31 EDT
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Publication:PR Newswire
Date:Jul 19, 1993
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