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CITIZENS BANKING CORPORATION DECLARES DIVIDEND

 FLINT, Mich., Oct. 15 /PRNewswire/ -- Citizens Banking Corporation (NASDAQ-NMS: CBCF) board of directors declared a regular cash dividend of $0.19 per share payable Nov. 10, 1993, to shareholders of record on Oct. 25, 1993.
 As previously reported, net income for the first nine months of 1993 increased 18.9 percent to $18,585,000 compared with net income before cumulative effect of change in accounting principle of $15,632,000 earned during the first nine months of 1992. Likewise, fully diluted net income per share was $1.37, up 17.1 percent from net income per share before cumulative effect of change in accounting principle of $1.17 for the first nine months of 1992. A first-quarter 1992, non- recurring charge of $19,553,000 ($12,905,000 net of income taxes), to reflect adoption of new mandatory accounting for retiree medical and life insurance benefits, caused earnings for the first nine months of 1992 to be $2,727,000 or $0.20 per fully diluted share.
 On Oct. 1, 1993, Citizens completed a merger with Royal Bank Group, Inc., parent of National Bank of Royal Oak. The transaction was accounted for as a purchase and thus had no impact on CBC's financial reporting for periods prior to that date.
 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, Second National Bank of Saginaw, National Bank of Royal Oak, 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- 10/15/93
 /CONTACT: Wayne G. Schaeffer, senior vice president, treasurer and chief financial officer of Citizens Banking Corporation, 313-766-7978/
 (CBCF)


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

JG -- DE016 -- 2704 10/15/93 11:36 EDT
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Publication:PR Newswire
Date:Oct 15, 1993
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