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CENTRAL HOLDING COMPANY SUBSIDIARY TO SELL INDIANA DEPOSIT BRANCHES TO CITIZENS BANKING COMPANY

 CENTRAL HOLDING COMPANY SUBSIDIARY TO SELL INDIANA DEPOSIT
 BRANCHES TO CITIZENS BANKING COMPANY
 ANDERSON, Ind., July 16 /PRNewswire/ -- Central Holding Company (NASDAQ: CHOL) announced today that a branch purchase and deposit assumption agreement has been executed between its wholly owned subsidiary, Colonial Central Savings Bank, FSB, headquartered in Mount Clemens, Mich. and Citizens Banking Company, headquartered in Anderson.
 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 $110 million in deposits in its Indiana branches. The terms of the transaction have not been disclosed. The transaction is expected to be completed following regulatory approvals, which are expected 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 Colonial stated, "This transaction will permit Colonial to focus its resources on its Michigan banking operations. In addition, because of the reduction in Colonial's total assets, the closing of this transaction will facilitate Colonial's efforts to achieve compliance with its regulatory capital requirements."
 Colonial has six Michigan banking center locations in Eastern Wayne and Macomb Counties and currently has approximately $360 million in total assets.
 -0- 7/16/92
 /CONTACT: Robert N. Shuster or Margaret S. Makela of Central Holding Company, 313-792-7000/
 (CHOL) CO: Central Holding Company; Citizens Banking Company ST: Indiana, Michigan IN: FIN SU:


TM-AH -- NY127 -- 0057 07/16/92 20:20 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
Words:279
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