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CENTRAL HOLDING COMPANY ANNOUNCES REGULATORY APPROVAL OF TRANSACTION TO SELL ITS INDIANA DEPOSIT BRANCHES

 CENTRAL HOLDING COMPANY ANNOUNCES REGULATORY APPROVAL
 OF TRANSACTION TO SELL ITS INDIANA DEPOSIT BRANCHES
 CLINTON TOWNSHIP, Mich., Nov. 10 /PRNewswire/ -- Central Holding Company (the "Company" or "CHC") (NASDAQ: CHOL) announced that the July 16, 1992 branch purchase and deposit assumption agreement entered into between its wholly owned subsidiary, Colonial Central Savings Bank, F.S.B., headquartered in Clinton Township ("Colonial") and Citizens Banking Company, headquartered in Anderson, Ind. ("Citizens"), has been approved by all applicable regulatory agencies.
 The agreement includes the assumption of all of Colonial's Indiana deposits by Citizens and the cash purchase of certain assets, including loans, investment securities, and Colonial's five Indiana banking center locations. Colonial has approximately $108 million in deposits in its Indiana branches. The transaction is expected to be closed prior to Dec. 31, 1992. The Indiana mortgage origination offices of Central Mortgage Corporation, a wholly owned subsidiary of Colonial, are not included in this transaction and are being retained by Colonial.
 Colonial originally acquired its Indiana deposits and branch locations in 1988. Robert N. Shuster, president and chief executive officer of CHC and Colonial stated that, "Upon the closing of this transaction, Colonial expects to comply with all of its regulatory capital requirements."
 CHC is a financial services organization headquartered in Clinton Township. Its main operating subsidiaries include: Colonial Central Savings Bank, F.S.B., a federally chartered stock savings bank with six branches in Michigan and Central Mortgage Corporation, which originates residential mortgage loans.
 -0- 11/10/92
 /CONTACT: Robert N. Shuster or Margaret S. Makela of Central Holding Company, 313-792-7000.
 (CHOL) CO: Central Holding Company, Citizens Banking Company ST: Michigan; Indiana IN: FIN SU: TNM


DH -- DE011 -- 9202 11/10/92 10:37 EST
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Publication:PR Newswire
Date:Nov 10, 1992
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