Fitch Rates New Affiliate Of Citizens Banking Corporation.Business Editors
NEW YORK--(BUSINESS WIRE)--March 6, 2002
Fitch Ratings Fitch Ratings
An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned initial ratings to CB Wealth Management, N.A., a newly formed trust bank subsidiary of Citizens Banking Corporation (Citizens). CB Wealth Management, N.A. has an initial Long-term rating of BBB BBB
A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. +, a Short-term rating of F2, an Individual rating of B/C B/C Because
B/C Boundary Conditions
B/C Biological & Chemical and a Support Rating of 5. The Rating Outlook is Stable. Fitch also affirms all existing ratings of Citizens and its affiliates. A complete list of ratings follows at the end of this report.
CB Wealth Management, N.A. is a nationally chartered trust bank headquartered in 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. , MI, with offices in five other Michigan cities Michigan City, city (1990 pop. 33,822), La Porte co., NW Ind., on Lake Michigan; inc. 1836. Michigan City produces machinery, consumer articles, kitchen and transportation equipment, concrete and wire products, chemicals, apparel, and cast iron boilers. . It presently operates the wealth management businesses previously operated by Citizens' Michigan bank subsidiary. In the second half of 2002, Citizens' affiliates in Illinois, Iowa and Wisconsin will transfer their trust divisions to CB Wealth Management as well. When the transfer is complete, the new trust bank will have more than $3 billion of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , and will establish offices in Illinois, Iowa and Wisconsin as well as Michigan. Fitch believes the centralization cen·tral·ize
v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es
1. To draw into or toward a center; consolidate.
2. of this line of business will provide Citizens with greater strategic control and will help reduce operational costs.
Citizens is a medium-sized 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. company headquartered in Flint MI. Its strategic focus is on community banking, middle market lending and wealth management within its four-state trade area. During 2001, returns on assets and equity improved after Citizens completed the integration of its 1999 purchase of F&M Bancorp. Asset quality weakened somewhat due to the economic environment, but problem assets remain at manageable levels. Citizens' reliance on borrowed funds materially decreased during 2001, in large part due to the sale of new mortgage production and a portfolio of existing mortgages. Capital levels are good in light of the company's low risk profile and conservative operating philosophy.
Ratings Assigned: CB Wealth Management, N.A. --Long-term senior assigned 'BBB+'; --Short-term assigned 'F2'; --Individual assigned B/C; --Support assigned '5'; --Outlook Stable. Ratings Affirmed: Citizens Banking Corporation --Long-term senior affirmed 'BBB+'; --Short-term affirmed 'F2'; --Individual affirmed 'B/C'; --Support affirmed '5'; --Outlook Stable. Citizens Bank Citizens Bank Illinois N.A. F&M Bank - Iowa F&M Bank - Wisconsin --Long-term deposits affirmed 'A-'; --Long-term senior affirmed 'BBB+'; --Short-term deposits affirmed 'F2'; --Short-term affirmed 'F2'; --Individual affirmed B/C; --Support affirmed '5'; --Outlook Stable.