Citizens Banking Corp. announces management succession; increases quarterly dividend.FLINT, Mich.--(BUSINESS WIRE)--April 16, 1996--Today, Robert J. Vitito assumed the responsibility of president and chief executive officer of the corporation, succeeding Charles R. Weeks. Weeks, who retires after 14 years as chief executive officer, will continue as chairman of the board of directors. Vitito, a graduate of Michigan State University Michigan State University, at East Lansing; land-grant and state supported; coeducational; chartered 1855. It opened in 1857 as Michigan Agricultural College, the first state agricultural college. , has spent his entire management career with Citizens and its subsidiary, Second National Bank of Saginaw. He had been president and chief administrative officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive of the corporation. Also today, the Citizens Banking Corp. board of directors declared a quarterly cash dividend of 26 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. of common stock. This is an increase of 13 percent over the previous quarterly dividend of 23 cents per share. The dividend is payable on May 8, 1996 to shareholders of record on April 26, 1996. Citizens Banking Corp. is a diversified financial services company providing a full range of commercial, consumer, mortgage banking, trust and financial planning services to a broad customer base. With a long standing tradition of community banking, Citizens serves markets throughout Michigan and suburban Chicago through 92 offices. Citizens' common stock trades on the Nasdaq National Market tier of The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol: CBCF CBCF Canadian Breast Cancer Foundation CBCF Congressional Black Caucus Foundation CBCF Community Based Corrections Facilities CBCF Commander, Base Communications Facility (newspaper abbreviation: CitzBkg). CONTACT: Citizens Banking Corp., Flint John W. Ennest, 810/257-2557 |
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