Citizens Republic Bancorp
| Company type | Public company |
|---|---|
| Industry | Banking |
| Founded | 1871 |
| Fate | Merged with FirstMerit Bank in June 2013 |
| Headquarters | Flint, Michigan , United States |
Area served | Michigan, Wisconsin, Ohio, Iowa |
| Products | Banking services |
Citizens Republic Bancorp served as the bank holding company for Citizens Bank, with its headquarters located in Flint, Michigan. In June 2013, it merged with FirstMerit Bank. At that time, the company operated 219 branches and maintained 248 ATMs throughout Michigan, Wisconsin, and Ohio.[1]Cite error: Closing </ref> missing for <ref> tag
David T. Dort, son of co-founder J. Dallas Dort, concluded his 22-year tenure as director and retired in 1988.[2]
During the early 1990s, Citizens Banking dedicated $15 million toward small business lending aimed at underserved markets and contributed to infrastructure initiatives such as Bishop International Airport and Central Michigan University's School of Banking.[2]
Notable acquisitions included Royal Bank Group in 1993, four branches from Banc One Michigan in 1995, CB Financial in 1997, and an additional 17 branches from Bank One by late 1999.[2]
A major expansion occurred with the $820 million acquisition of F&M Bancorporation in 1999, extending Citizens' presence into Wisconsin and Iowa.[3]
In May 2000, Citizens Banking purchased three branches from TCF Financial Corporation. By April 2005, F&M Bank-Wisconsin was consolidated and rebranded under the Citizens Bank name.[3]
Citizens Republic Bancorp
On December 29, 2006, the bank acquired Republic Bancorp based in Ann Arbor, Michigan, elevating it to become the 45th largest bank-holding company nationwide and adopting the new name Citizens Republic Bancorp. To obtain approval from the Federal Reserve, Republic divested seven local branches to First Place Financial through its Franklin Bank subsidiary.
In December 2008, amidst losses tied to the automotive industry's downturn during the 2008 financial crisis, Citizens Republic secured $300 million from the Troubled Asset Relief Program.
The bank divested its F&M Bank Iowa operations in 2010 for $50 million cash to Great Western Bank. The following year, as Republic Bank's successor, it resolved a Redlining lawsuit with the US Department of Justice by agreeing to establish a loan office within a predominantly black neighborhood in Detroit and pledging $3.6 million for loans and grants within Wayne County.
Financially, Citizens Republic reported a $286 million loss in 2010—the highest across three consecutive years of losses—but rebounded with a net income of $17 million in 2011. Because it failed to repay bailout funds on schedule, the United States Department of the Treasury appointed two directors to its board during that year. By July 2012, Citizens Republic had achieved five straight quarters of profitability for the first time since the financial downturn.
FirstMerit merger
By August 2012, Citizens Republic had yet to settle its $300 million bailout loan from the U.S. Treasury. Rather than issuing shares to clear this debt, the bank holding company opted to put itself on the market and enlisted J.P. Morgan Chase to identify potential buyers. On September 13, 2012, Akron-based FirstMerit Corporation revealed plans to acquire Citizens through a stock-for-stock transaction valued near $912 million. The consideration paid in stock was below the tangible book value of the shares, which led to inquiries regarding potential fiduciary duty violations by Citizens Republic's Board of Directors. The acquisition was finalized on April 12, 2013, with FirstMerit repaying the $300 million in TARP funds along with $45 million in accrued interest on behalf of Citizens.
Citizens Banking Building
Serving as Huntington Bank’s Flint headquarters, the Citizens Banking Building comprises three connected sections: the North, South, and West buildings. The North and South parts are linked at both the ground and second floors, whereas the South and West buildings are joined via the second and third floors spanning over Buckham Alley.
Constructed in 1928, the South building originally housed a vault door weighing 43 tons—the largest vault door in Michigan at that time. During the 1950s, a four-story addition was appended as an annex. The West building, built in 1958 with four stories, was expanded upward by two additional floors in 1965. The North building, a ten-story tower, was completed in 1974.
On June 13, 2013, a new sign for FirstMerit Bank was installed alongside an updated Weatherball display. Later, in October 2015, the University of Michigan–Flint agreed to acquire the North tower for $6 million, with the transaction expected to conclude by March 31. In April 2018, following Huntington Bank’s acquisition of FirstMerit, the "FM" lettering was removed from the building.
Weatherball on bank headquarters
The iconic weatherball positioned atop the bank’s downtown Flint headquarters—currently branded for Huntington Bancshares—has long served as a distinctive landmark. Initially illuminated on October 30, 1956, this Weather Ball became a recognizable city symbol. In 1964, a promotional jingle inspired by a poem explaining its color-coded signals was created to enhance brand awareness. During the energy crisis of the 1970s, it was switched off from 1974 until January 1, 1978. When rebranded for FirstMerit Bank in November 2013, the original "CB" neon letters were removed due to their deteriorated condition; they could not be preserved for museum display and were recycled instead.
The Weather Ball’s operation relies on forecasts from the National Weather Service—a practice maintained from its time under Citizens Republic Bancorp management. The structure includes 800 square feet of Plexiglas and utilizes 667 feet of lighting tubing. It is engineered to endure wind speeds up to 120 miles per hour.
- Weight: 2.5 tons
- Height: 15 feet
- Diameter: 15 feet
- Circumference: 47 feet