Citizens First Bancorp, Inc. Completes Acquisition of Metro Bancorp, Inc. and Its Subsidiary, Metrobank.Business Editors PORT HURON Port Huron (hy  r`ən), city (1990 pop. 33,694), seat of St. Clair co., S Mich., a natural, deepwater port of entry at the junction of the St. Clair River with Lake Huron; inc. 1857. , Mich.--(BUSINESS WIRE)--Jan. 12, 2004 Citizens First Bancorp
First BanCorp is a financial holding company located in San Juan, Puerto Rico, which offers a full range of financial services in Puerto Rico, US Virgin Islands, the British Virgin Islands, and , Inc. ("Citizens") (Nasdaq:CTZN), the holding company for Citizens First Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. ("Citizens First"), announced today that it completed on January 9, 2004 the acquisition of Metro Bancorp, Inc. and its subsidiary, Metrobank. Metro Bancorp is a bank holding company with over $147 million in assets in Oakland County, Michigan Oakland County is a county in the U.S. state of Michigan. As of 2005, the population was estimated at 1,214,361.[2] The county seat is Pontiac6. Oakland County is part of the Detroit metropolitan area, though the actual city of Detroit is located in . The definitive agreement for the transaction, valued at $30 million, was reached on May 21, 2003, and regulatory approvals have been obtained, including approval by Michigan's Office of Financial and Insurance Services of Metrobank's conversion to a Michigan savings bank. Although Metrobank will be owned by Citizens, it will continue to operate its four Oakland County locations as a subsidiary of Citizens. Thomas A. Duke and Robert P. Heinrich have agreed to remain on the Metrobank board of directors. Mr. Heinrich has agreed also to continue as Metrobank's President, and Gerald Wasen has agreed to continue as Metrobank's Executive Vice-President. Citizens, whose assets exceed $1 billion, currently operates 16 full service banking offices in St. Clair, Sanilac, Huron Huron, city, United States Huron (hy r`än'), city (1990 pop. 12,448), seat of Beadle co., E central S.Dak., on the James River; inc. 1883. and Lapeer Counties, through its Citizens First subsidiary. Statements contained in this news release may be forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements may be identified by the use of such words as "intend," "believe," "expect," "anticipate," "should," "planned," "estimated," and "potential." Such forward-looking statements are based on current expectations, but may differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time, which are incorporated into this press release by reference. Other factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in interest rates, general economic conditions, legislative and regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. in the Bank's market area, changes in relevant accounting principles and guidelines and other factors over which management has no control. The forward-looking statements are made as of the date of this release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. |
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