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Ms. Nash has also been appointed to the bank's board, effective
Mr. Hartman, 60, has agreed to remain as non-executive Chairman of the
Board of Directors through the bank's 2009 Annual Meeting. Upon completion of
the 2009 Annual Meeting, the Board of Directors will select an independent
Board member to succeed Mr. Hartman as non-executive Chairman. In addition,
the Board has named
Mr.
Continued Mr. Wolohan, "Cathy has been a key member of Citizens Republic's senior management team for several years and has played an integral role in developing and executing the bank's strategies. Cathy's depth of experience and proven leadership will ensure that she hits the ground running as the new chief executive officer."
Mr. Hartman said, "I'm grateful for the opportunity I've had to serve our employees, customers and shareholders and I thank them for their support. Over the past year, we have positioned Citizens Republic to navigate through the current financial crisis by maintaining strong capital and liquidity positions. With the bank poised to meet the challenges of the current environment, I have decided to retire so that I can spend more time with my family and friends, and believe that now is the right time to pass the torch to a leadership team that is fully capable of building on the bank's strong balance sheet. Having worked closely with Cathy for several years, I am excited about the bank's future under her outstanding leadership."
Ms. Nash commented, "I appreciate this opportunity and the confidence of our Board, management team and employees. Clearly, this is a challenging economic time for our country and the communities we serve. As CEO, I understand the importance of diligent attention to our credit quality and improving our long-term earnings performance. We have a strong, well-capitalized institution and I am confident that our ability to maintain operational excellence, coupled with our outstanding reputation for client service will deliver long-term value for our shareholders."
Ms. Nash was named executive vice president and head of consumer banking
for Citizens Republic Bancorp in
Mr. Hartman has served as Chairman, President and Chief Executive Officer
of Citizens Republic Bancorp since
Mr. Shafer currently manages the East Michigan Region of Citizens Bank. Prior to this appointment, he had been Executive Vice President, Commercial Banking and Chief Credit Officer for Citizens Banking Corporation from 1996 to 2002. He joined Citizens in 1994 as Senior Vice President of Commercial Banking. Mr. Shafer previously worked in various positions with Michigan National bank.
Corporate Profile
Citizens Republic Bancorp, Inc. is a diversified financial services
company providing a wide range of commercial, consumer, mortgage banking,
trust and financial planning services to a broad client base. Citizens serves
communities in
Safe Harbor Statement
Discussions and statements in this release that are not statements of historical fact, including statements that include terms such as "will," "may," "should," "believe," "expect," "anticipate," "estimate," "project," "intend," and "plan," including without limitation future financial and operating results, plans, objectives, expectations and intentions and other statements that are not historical facts, are forward-looking statements that involve risks and uncertainties. Any forward-looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking information.
Factors and other risks and uncertainties that could cause the actual results to differ are detailed from time to time in Citizens' filings with the SEC, which are available at the SEC's web site www.sec.gov. Other factors not currently anticipated may also materially and adversely affect Citizens' results of operations, cash flows and financial position. There can be no assurance that future results will meet expectations. While Citizens believes that the forward-looking statements in this release are reasonable, you should not place undue reliance on any forward-looking statement. In addition, these statements speak only as of the date made. Citizens does not undertake, and expressly disclaims any obligation to update or alter any statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE Citizens Republic Bancorp, Inc.