Citizens Republic Bancorp
|Type||Public bank corporation|
|Traded as||NASDAQ: CRBC|
|Predecessor(s)||Citizens Savings and Commercial Bank
Republic Bancorp, Inc.
|Headquarters||Flint, MI, USA|
|Number of locations||220|
|Key people||Cathy Nash, CEO|
|Total assets||$9.4 billion|
Citizens Republic Bancorp known as Citizens Bank was an American bank headquartered in Flint, Michigan, and operated in the states of Michigan, Ohio, Indiana, and Wisconsin. As of April 13, 2013, it became a subsidiary of the FirstMerit Corporation.  It was absorbed into FirstMerit on June 13, 2013.
Citizens National Bank
Citizens National Bank was first established in 1871 at the height of Flint's great lumber industry. Citizens Bank played a key role in the development of the auto industry in this country. One of the founders of General Motors, William C. Durant, has acknowledged that a loan he and his partner, J. Dallas Dort, received from Citizens Bank in 1886 enabled him to start his vehicle manufacturing career. Citizens switch from a national to a state chartered institution in 1890 as Citizens Commercial & Savings Bank.
Citizens Commercial Savings Bank
Giving up its national charter for a state one, the Bank becomes Citizens Commercial & Savings Bank in 1890.
In 1928 the original bank was removed and a new headquarters was built in its place. With the Great Depression, a national bank holiday is declared closing all banks on March 6 to the 13th in 1933. In 1937, the Bank began its annual Citizens' Holiday Sing. The HQ's Weather Ball was first lit up on August 30, 1956. An early Flint automobile pioneer's son, David T. Dort, joins the Bank's board of directors in 1966. In 1974, the Weather Ball is turned off during the 1970s energy crisis to save energy until January 1, 1978.
Citizens Banking Corporation
Citizens Bank formed a holding company, Citizens Banking Corporation, in 1981 to acquire additional banks. Banks acquired were Grayling State Bank and State Bank of Standish in 1984. Second National Bank of Saginaw and Second National Bank of Bay City were acquired in 1985. On November 6, 1986, Citizens indicated that will purchase National Bank of Illinois as its first non-Michigan acquisition followed in 1987 with the purchase of Commercial National Bank of Berwyn, Illinois. David T. Dort, retired on April 10, 1988 as Citizen Banking Corp. longest serving-director. A bank robbery on August 17, 1990 has the red dye explode over all the stolen bills.
On April 8, 1991, Citizens Bank designated $15 million in loans for small businesses in county's poor and minority communities over three years. Bishop International Airport expansion bonds were purchased by the bank on January 15, 1992 saving the airport $2 million on a $34 million project. On February 18, 1992, Citizens gives Central Michigan University a $15,000 pledge toward Robert M. Perry School of Banking building construction. With Kmart in 1993, the Bank extend "real" working experience to Stewart Elementary School kids. Citizens also sponsored that year a "Safe Streets" gun buy-back program. Royal Bank Group Inc. was acquired on October. 1, 1993. Four Michigan locations of Banc One are purchased on February 28, 1995. Citizens acquired on July 1, 1997 CB Financial. National City Corporation sold one Michigan branch to the Corporation on October 15, 1998. In the last quarter of 1999, Citizens purchased Bank One 17 branch banks and all of F&M Bancorporation, Inc. TCF Financial Corporation sold three locations to Citizens on May 12, 2000.
Citizens Republic Bancorp
The Bancorp acquired on December 29, 2006 Republic Bancorp Inc. (Ann Arbor, Michigan) to become at the time creating the 45th largest U.S. bank-holding company to become Citizens Republic Bancorp. In order for the Federal Reserve Bank to approve the merger with Republic Bank, Citizens sold seven local Republic Bank branches to First Place Financial under its Franklin Bank subsidiary. In 2008, the Bancorp took a $300 U.S. Troubled Asset Relief loan to survive the economic downturn. In 2010, Citizens Republic sold its F&M Bank Iowa locations for $50 million cash to Great Western Bank. In 2011, the Bank agreed to a settlement in a Redlining case brought against them as Republic Bank's successor by the US Department of Justice trigered by a Board of Governors of the Federal Reserve System complaint which will require them to open a loan office in a Detroit black neighborhood and $3.6 million for loans and grants in Wayne County.
For the first time since the economic downturn, the Bank reports in July 2012 five consecutive quarters of profit. On September 13, 2012, it was announced that Akron, Ohio-based FirstMerit Corporation would acquire Citizens in a stock-for-stock transaction valued at approximately $912 million. The acquisition is expected to close in the second quarter of 2013. With the stock payment worth less than the stock's tangible book value, several law firms started looking into a possible case of breached fiduciary duties by Citizens Republic's Board of Directors.
Sandy Pierce was appointed in January 2013 as FirstMerit's vice chair and chairman and CEO of FirstMerit Michigan. In early April, both Bank Corporations' shareholders approved the merger. On April 12, 2013, First Merit Corporation closed the acquisition of company which will operate as of April 13 as "Citizens Bank, now part of FirstMerit Bank."
The banks were officially renamed FirstMerit Bank on June 13, 2013.
- Allen, Jeremy (September 13, 2012). "Sale of Flint-based Citizens Republic Bancorp ends 142-year run for largest Michigan-based bank". Flint Journal. Retrieved 10 September 2012.
- Allen, Jeremy (April 12, 2013). "FirstMerit, Citizens Bank deal closes; branches open April 13 under 'Citizens Bank, now part of FirstMerit Bank' name". The Flint Journal. Retrieved 12 April 2013.
- Averill, Andrew (September 13, 2012). "Citizens Republic Bancorp part of lumber, automotive, Flint history since 1871". The Flint Journal. Retrieved 14 September 2012.
- "Citizens Banking Agrees to Acquire Michigan Bank Firm". Wall Street Journal. August 9, 1985.
- Bach, Matt (May 1, 2007). "New Franklins in the county". The Flint Journal. Retrieved 10 September 2012.
- Burden, Melissa (February 1, 2010). "Citizens Republic Bancorp Inc. plans to sell Iowa subsidiary for $50 million cash". Flint Journal. Retrieved 14 September 2012.
- Turner, Kris (May 5, 2011). "Citizens Bank, Department of Justice reach settlement over redline allegations". The Flint Journal. Retrieved 10 September 2012.
- Allen, Jeremy (September 13, 2012). "Flint-based Citizen Republic Bancorp Inc. sold to Akron, Ohio-based FirstMerit Corp.". The Flint Journal. Retrieved 14 September 2012.
- Byron, Shaun (September 19, 2012). "Multiple law firms launch investigations against Citizens Republic Bancorp following sale to FirstMerit Corp.". The Flint Journal. Retrieved 19 September 2012.
- Allen, Jeremy (April 12, 2013). "Getting to know FirstMerit Corporation: A history of the Citizens Bank buyer". The Flint Journal. Retrieved 13 April 2013.