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CITIZENS BANKING CORPORATION COMPLETES MERGER WITH ROYAL BANK GROUP

 FLINT, Mich., Oct. 1 /PRNewswire/ -- Citizens Banking Corporation (NASDAQ-NMS: CBCF) and Royal Bank Group, Inc. jointly announced completion of their merger. Royal Bank Group, Inc. is the parent of National Bank of Royal Oak. National Bank of Royal Oak, with assets of $194 million, serves the Royal Oak, Mich., market through six offices. Royal's shareholders will receive 1.885 shares of Citizens common stock or $36.76 in cash for each share of Royal Bank Group Inc. stock owned.
 Edward B. LeFevre, chairman and chief executive officer of National Bank of Royal Oak, stated, "National Bank of Royal Oak, its directors, officers and staff are looking forward to working with Citizens. We firmly believe that our commitment to the greater Royal Oak area will be strengthened by our association with Citizens."
 Charles R. Weeks, president and chief executive officer of Citizens Banking Corporation, stated, "National Bank of Royal Oak gives us an excellent base from which we can serve existing customers and expand in the growing Oakland County market."
 Citizens Banking Corporation, with assets of $2.7 billion, is the sixth-largest commercial bank holding company headquartered in Michigan and is the parent of Citizens Commercial & Savings Bank of Flint, National Bank of Royal Oak, Second National Bank of Saginaw, Second National Bank of Bay City, State Bank of Standish, Grayling State Bank, Century Life Insurance Company of Michigan, a credit life reinsurance company, and Commercial National Bank of Berwyn, Ill. The corporation's common stock is traded in the over-the-counter market (NASDAQ trading symbol: CBCF).
 -0- 10/1/93
 /CONTACT: Wayne G. Schaeffer, senior vice president, treasurer and chief financial officer of Citizens Banking Corporation, 313-766-7978/
 (CBCF)


CO: Citizens Banking Corporation; Royal Bank Group, Inc. ST: Michigan IN: FIN SU: TNM

SB -- DE011 -- 7760 10/01/93 11:39 EDT
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Publication:PR Newswire
Date:Oct 1, 1993
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