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M&A History << Return to Mergers & Acquisitions
Deal Overview
Buyer: Citizens Banking Corporation
Actual Acquirer: Citizens Banking Corporation
Target: Republic Bancorp Inc.
Deal Type: Bank & Thrift Company
Agreement Date 6/26/2006
Announcement Date 6/26/2006
Announced Deal Value ($M) 1,033.52
Status Completed
Completion Date 12/29/2006
Announced Deal Value Per Share ($) 13.67
Consideration Breakout
Cash ($M) 154.9
Common Stock ($M) 906.9
Common Stock Issued 32,739,660
Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 251.3 246.5
Price / Tangible Book (%) 253.6 248.7
Price / Earnings (x) 15.0 15.8
Price / Deposits (%) 33.51 34.99
Price / Assets (%) 16.55 17.10
Tangible Book Premium/ Deposits (%) 25.48 26.39
Deal Terms
Description of Consideration
Citizens Banking Corp. exchanged 0.4378 share and paid $2.08 in cash for each common share of Republic Bancorp Inc.
Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($000) 727,108
Estimated Cost Savings (%) NA
Estimated Cost Savings ($000) NA
Est. Restructuring Charges ($000) 20,800
Maximum Termination Fee ($000) 36,000
Minimum Termination Fee ($000) 0
Exchange Ratio (Common For Common) 0.4378
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NM
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($000) 37,837
Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1 Accretive 0.90 NA NA NA
2 Accretive 4.00 NA NA NA
Deal Advisers - Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes UBS Investment Bank
Seller Yes Goldman Sachs & Co.

Deal Advisers - Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Wachtell Lipton Rosen & Katz
Seller Yes Cadwalader Wickersham & Taft

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