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CITIZENS FIRST BANCORP, INC. RIGHTS OFFERING IS OVERSUBSCRIBED

 CITIZENS FIRST BANCORP, INC. RIGHTS OFFERING IS OVERSUBSCRIBED
 GLEN ROCK, N.J., Sept. 24 /PRNewswire/ -- Allan D. Nichols, chairman and chief executive officer of Citizens First Bancorp, Inc., (AMEX: CFB) today announced that Citizens had successfully completed its rights offering through the sale of 21,425,273 shares of common stock. Nichols said that based on preliminary information, the rights offering, which terminated at 5:00 p.m. on Sept. 23, 1992, was oversubscribed.
 In addition to the $53.5 million raised through the exercise of rights, Citizens will raise approximately $18.5 million through the sale of shares to standby purchasers. Substantially all of the $72 million in new equity capital raised in the rights offering and these related transactions will be contributed to Citizens' bank subsidiary, Citizens First National Bank of New Jersey, to assist the bank in achieving compliance with its regulatory capital requirements.
 "The recapitalization of the bank was the most important step in the bank's rebuilding plan which was approved by the Office of the Comptroller of the Currency earlier this year," Nichols said. Nichols added, "Obviously, we are very pleased that the rights offering has been so successful."
 -0- 9/24/92
 /CONTACT: Allan D. Nichols, chairman of the board and chief executive officer of Citizens First Bancorp, Inc., 201-670-2202/
 (CFB) CO: Citizens First Bancorp, Inc. ST: New Jersey IN: FIN SU: OFR


LD -- NY072 -- 3287 09/24/92 16:38 EDT
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Publication:PR Newswire
Date:Sep 24, 1992
Words:238
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