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ap

Citizens Republic exchange offers raise $199M

Citizens Republic says exchange offers raised $199 million

  • On 3:00 pm EDT, Monday September 28, 2009

FLINT, Mich. (AP) -- Citizens Republic Bancorp Inc. said Monday it raised about $199 million of common equity through a notes offering.

Citizens said it will issue about 268 million common shares in exchange for its 5.75 percent subordinated notes due 2013 and its 7.5 percent Enhanced Trust Preferred Securities of Citizens Funding Trust I. The settlement date is Wednesday.

Citizens serves communities in Michigan, Ohio, Wisconsin and Indiana as Citizens Bank and in Iowa as F&M Bank.

Shares of Citizens fell 3 cents to 79 cents in afternoon trading.

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