Citizens Banking Corp. acquires CB Financial Corp.FLINT flint, mineral flint, variety of quartz that commonly occurs in rounded nodules and whose crystal structure is not visible to the naked eye. Flint is dark gray, smoky brown, or black in color; pale gray flint is called chert. , Mich.--(BUSINESS WIRE)--July 1, 1997--Citizens Banking Corp. today acquired CB Financial Corp., headquartered in Jackson, Mich. and merged the CB Financial banks, City Bank & Trust Co. in Jackson; City Bank in St. Johns/Lansing; and CB North in Charlevoix with and into Citizens Michigan banking operation, Citizens Bank. Citizens Banking Corp. purchased CB Financial Corp. in a tax free stock-for-stock merger transaction accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . The transaction was recently approved by regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities and the shareholders of both Citizens and CB Financial. Robert J. Vitito, president and chief executive officer of Citizens Banking Corp., said, "We welcome these new markets into our family of community banks. We are very excited about the opportunity to build and strengthen our presence in Jackson, Charlevoix, and St. Johns/Lansing." The new Citizens Bank markets will be part of Citizens Michigan banking operation which includes the following market areas: Bay City/Midland, East Lansing East Lansing, city (1990 pop. 50,677), Ingham co., S central Mich., a suburb of Lansing, on the Red Cedar River; inc. 1907. The city was first known as College Park, but was renamed when it was incorporated. , Fenton, Flint, Grayling/Gaylord, Royal Oak, Saginaw, Standish, Sturgis, and Ypsilanti. The three new markets will become part of Citizens Bank and operate as follows: Citizens Bank-Jackson will operate as a Community Bank serving Jackson, Albion, Brooklyn, Homer, Parma, Springport and Vandercook Lake. David L. Prough has been appointed president of the bank. Citizens Bank-Charlevoix will operate as a Community Bank serving its current communities of Traverse City Traverse City, city (1990 pop. 15,155), seat of Grand Traverse co., N Mich., at the head of the West Arm of Grand Traverse Bay, in a resort and cherry-growing region; inc. 1881. , Beaver Island Beaver Island, 14 mi (23 km) long, from 3 to 6 mi (4.8–9.6 km) wide, off N Mich., in Lake Michigan. It is the largest island of the Beaver Archipelago and has forests, lakes, beaches, and a harbor at St. James village. , Bellaire, Boyne City, Central Lake, East Jordan, Eastport, and Ellsworth. James R. Kanary has been appointed president of Citizens Bank-Charlevoix and will also continue as president of Citizens Bank-Grayling/Gaylord. Citizens Bank-Lansing will operate as a Community Bank and will include East Lansing, Lansing, Elsie, Fowler, Haslett, St. Johns, Laingsburg, and Okemos. Mark A. Fleshner has been appointed president of the bank. Citizens Banking Corp. is a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services company providing a full range of commercial, consumer, mortgage banking, trust and investment services to a broad client base. The Flint-based company now has assets of $4.3 billion. Citizens now serves markets throughout Michigan and in suburban Chicago, through 128 banking offices and over 130 ATMs. CONTACT: Citizens Banking Corp., Flint Karen L. Magidsohn, 810/766-7895 |
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