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CITIZENS BANKING CORPORATION DECLARES 2-FOR-1 STOCK SPLIT AND INCREASED DIVIDEND

 FLINT, Mich., April 20 /PRNewswire/ -- Citizens Banking Corporation's (NASDAQ-NMS: CBCF) board of directors declared a 2-for-1 stock split effected in the form of a dividend and a cash dividend of $0.19 per share, both of which are payable May 12, 1993, to shareholders of record on April 30, 1993. The $0.19 dividend will be paid on all shares outstanding after the stock split, and represents an 8.6-percent increase in the quarterly dividend rate.
 As previously reported and restated for the split, net income for the quarter ended March 31, 1993, increased 13.3 percent to $6,050,000, or $0.46 per share compared with net operating income of $5,607,000, or $0.41 per share earned during the first quarter of 1992. A non- recurring charge of $19,553,000 to reflect adoption of new mandatory accounting for retiree medical and life insurance benefits caused first- quarter 1992 earnings after that charge to be a loss of $7,563,000, or $0.58 per share.
 The corporation also announced that at today's annual meeting, shareholders re-elected Edward P. Abbott, Hugo E. Braun Jr., Jonathan E. Burroughs II, William C. Crick, William J. Hank, and Robert J. Vitito to a three-year term on the board of directors.
 On March 19, 1993, Citizens announced an agreement to acquire Royal Bank Group, Inc., parent of National Bank of Royal Oak, for $22.5 million in an exchange of common stock. National Bank of Royal Oak, with assets of $187 million, serves the Royal Oak, Mich., market through four offices. The transaction, which is subject to approval by shareholders of Royal Bank Group, Inc., and regulatory authorities, is expected to be completed in the third quarter of 1993.
 Citizens Banking Corporation is the sixth-largest bank holding company headquartered in Michigan and is the parent of Citizens Commercial & Savings Bank of Flint, 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- 4/20/93
 /CONTACT: Wayne G. Schaeffer, senior vice president, treasurer and chief financial officer, Citizens Banking Corporation, 313-766-7978/
 (CBCF)


CO: Citizens Banking Corporation ST: Michigan IN: FIN SU: DIV

JG-DH -- DE023 -- 8170 04/20/93 14:28 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
Words:402
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