Rochester, NY 6/23/2009 10:13:19 PM
Morning Report - CRBC - Citizens Republic Bancorp Among 22 Banks Downgraded by Standark & Poor - Sourced WhisperFromWallStreet.com
Citizens Republic Bancorp, Inc.
Morning Report - CRBC - Citizens Republic Bancorp Among 22 Banks Downgraded by Standark & Poor - Sourced WhisperFromWallStreet.com
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Citizens Republic Bancorp, Inc.,CRBC
5.22 Down 0.25 (4.57%) 10:41AM ET
Standard & Poor's rating service downgraded the credit ratings of 22 U.S. banks Wednesday, saying that operating conditions for the industry will become less favorable than in the past with greater volatility during credit cycles and tighter regulation. S&P credit analyst Rodrigo Quintanilla said, "In the long term, we could foresee ourselves raising ratings if lower earnings and reduced risk are accompanied by stronger risk-adjusted capital and effective governance." He added, "the high number of firms with negative outlooks suggests that the ratings could still decline if the credit cycle is longer and/or deeper." Standard & Poor's will hold a teleconference on Thursday, June 18 to discuss the following downgrades.
About
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 Michigan, Ohio, Wisconsin, and Indiana as Citizens Bank and in Iowa as F&M Bank, with 231 offices and 267 ATMs. Citizens Republic Bancorp is the largest bank holding company headquartered in Michigan with roots dating back to 1871 and is the 43rd largest bank holding company headquartered in the United States. More information about Citizens Republic Bancorp is available at www.citizensbanking.com.
Last Trade: 0.8006
Day's Range: 0.80 - 0.8499
52wk Range: 0.65 - 5.25
Volume: 445,350
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