Citizens Banking Corporation to Consolidate Charters of Citizens Bank-Michigan & F&M Bank-Wisconsin.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. -- Citizens Banking Corporation (Nasdaq:CBCF CBCF Canadian Breast Cancer Foundation CBCF Congressional Black Caucus Foundation CBCF Community Based Corrections Facilities CBCF Commander, Base Communications Facility ) announced today that the company has filed applications with the Federal Reserve Bank of Chicago The Federal Reserve Bank of Chicago is one of twelve regional Reserve Banks that, along with the Board of Governors in Washington, D.C. and the state of Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). Office of Financial and Insurance Services to consolidate its Michigan and Wisconsin subsidiary banks. Upon completion of the consolidation, F&M Bank - Wisconsin will become part of Citizens Bank, which is headquartered in Michigan. The resulting bank will be regulated as a state of Michigan, Federal Reserve member bank. In making the announcement, Charles D. Christy chris·ty n. Variant of christie. , chief financial officer for the corporation, said the consolidation of the charters would create a more efficient banking franchise by allowing the combined banks to operate as a single entity. "The consolidation will eliminate the need for separate regulatory reporting and separate accounting and financial tracking by the two banks," Christy said. "This action also will allow the company to make more efficient use of its capital." Christy said all clients of the Wisconsin and Michigan banks will be notified of the consolidation following Federal Reserve and state of Michigan approval, which is expected to take 60 to 90 days. He said the corporation's F&M Bank-Iowa franchise would not be included in the consolidation at this time because of several complex legal and regulatory issues that exist in the state of Iowa. Citizens previously announced the sale of its Illinois branches, Citizens Bank - Illinois, N.A., to Metropolitan Bank Group Inc. of Chicago. That transaction is expected to close in August or September. Citizens Banking Corporation also is targeting 2005 to re-brand F&M banks in Wisconsin and Iowa. There are 51 F&M Bank-Wisconsin locations and 11 F&M Bank-Iowa locations. Citizens Banking Corporation 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 wide range of commercial, consumer, mortgage banking, trust investment and financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against services to a broad client base. Citizens Banking Corporation serves markets through Citizens Bank offices in Michigan and suburban Chicago, Illinois, and through F&M Bank offices in Wisconsin and Iowa. Citizens Banking Corporation is the second-largest bank holding company headquartered in Michigan, with assets of $7.69 billion as of March 31, 2004. More information about Citizens Banking Corporation is available at www.citizensonline.com |
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