Fitch Affirms Ratings for Citizens Republic Bancorp.CHICAGO -- Citizens Banking Corporation (CBCF CBCF Canadian Breast Cancer Foundation CBCF Congressional Black Caucus Foundation CBCF Community Based Corrections Facilities CBCF Commander, Base Communications Facility ) has completed its acquisition of Republic Bancorp Inc. (RBNC) and its subsidiaries. Following this transaction, Fitch affirmed and upgraded certain ratings of RBNC to be in line with those of CBCF (rated 'BBB/F2' by Fitch). Concurrently, Fitch has withdrawn the issuer ratings of RBNC, as this company is no longer an active entity. At the same time, Fitch has affirmed the ratings of Citizens Republic Bancorp Citizens Republic Bancorp known as Citizens Bank (NASDAQ: CRBC) is an American bank headquartered in Flint, Michigan, and operates in the states of Michigan, Ohio, Indiana, Wisconsin and Iowa. (formerly Citizens Banking Corporation) and its principal subsidiaries. A complete list of ratings is provided at the end of this release. The following ratings are affirmed with a Stable Outlook: Citizens Republic Bancorp -- Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) at 'BBB'; -- Subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". at 'BBB-'; -- Short-term at 'F2'; -- Individual at 'B/C'; -- Support at '5'. Citizens Bank F&M Bank-Iowa Republic Bank -- Long-term deposits at 'BBB+'; -- Issuer default rating (IDR) at 'BBB'; -- Short-term deposits at 'F2'; -- Short-term at 'F2'; -- Individual at 'B/C'; -- Support at '5'. CB Wealth Management, National Association -- Issuer default rating (IDR) at 'BBB'; -- Short-term at 'F2'; -- Individual at 'B/C'; -- Support at '5'. Citizens Funding Trust I Republic Capital Trust I -- Preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. at 'BBB-'. The following ratings have been affirmed and withdrawn: Republic Bancorp Inc. -- Issuer default rating (IDR) at 'BBB'; -- Individual at 'B/C'; -- Support at '5'. The following rating has been upgraded and withdrawn: Republic Bancorp, Inc. -- Short-term to 'F2' from 'F3'. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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