Citizens Republic Bancorp avoids proxy contest

By Lisa Kerner

Charlotte, N.C., Jan. 29 - Schwartz Investment Counsel, Inc. president and chief executive officer George P. Schwartz put an end to a proposed proxy contest with Citizens Republic Bancorp, Inc.

Schwartz led the Committee of Concerned Shareholders of Citizens Republic Bancorp, Inc. and sought to nominate himself and Richard J. Nelson for election to the company's board at its 2008 annual meeting.

Citizens Republic's board has removed its poison pill, voted to add a new independent director and plans to declassify its board at the 2008 annual meeting.

In addition, the board is seeking to remove certain supermajority voting requirements from its bylaws.

"In view of these very positive and shareholder-friendly steps taken by the Citizens board, our committee will not be pursuing any additional initiatives at the 2008 shareholder meeting," Schwartz said in a Schwartz Investment news release.

Flint, Mich.-based Citizens Republic is the holding company for Citizens Bank, Republic Bank and F&M Bank Iowa.

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