Citizens Banking Corporation and F&M Bancorporation Announce Agreement to Merge.FLINT, Mich. and KAUKAUNA, Wis.--(BUSINESS WIRE)--April 19, 1999-- Robert J. Vitito, President and Chief Executive Officer of Citizens Banking Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CBCF CBCF Canadian Breast Cancer Foundation CBCF Congressional Black Caucus Foundation CBCF Community Based Corrections Facilities CBCF Commander, Base Communications Facility ), and Gail E. Janssen, Chairman of the Board of F&M Bancorporation, today announced the signing of a definitive agreement whereby Citizens would acquire F&M in a stock-fo$2.4 billion in total assets and serves customers at over 80 locations throughout Wisconsin, Iowa, and Minnesota. F&M's primary markets include the Fox Valley region of eformance ranks F&M among the best performers wite wite n. Scots Blame; fault. [Middle English, from Old English w  te, penalty; see weid- in Indo-European roots.] banking, and financial center locations throughout Michigan and in suburban Chicago, Illinois. Citizens has a significant presence in its key markets, with leading deposit market share in over half of the counties served. Financial performance ratios as of March 31, 1999 include RO0 billion, including loans of $5.3 billion and total deposits of $5.9 billion. The resulting company will be well capitalized with total shareholders' equity Shareholders' EquityA firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $689 mil provide additional opportunities for future refinancial performance and asset growth. Our success in building this company has enabled our board to affiliate with a very successful merger partner. Additionally, bothutstanding common share of F&M. Based on Citizeree exchange of shares for F&M shareholders. The transaction is subject to approval 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 , the shareholders of both Citizens and F&M, and the satisfactory completion of credit due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. by Citizens. The merger is expected to close in the fourth quarter of 1999. Visit the Websites at www.cbclientsfirst.com and www.fmbanks.com |
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