Citizens Republic Bancorp to pay deferred interest on trust preferreds

By Marisa Wong

Madison, Wis., Dec. 11 - Citizens Republic Bancorp announced on Tuesday that it will resume quarterly interest payments on the outstanding junior subordinated debentures relating to its two trust preferred securities.

Regularly scheduled quarterly interest payments were deferred in January 2010, but interest continued to accrue on the debentures.

According to a press release, payment on the variable-rate junior subordinated debentures due June 2033 will be made on Dec. 26 for the 12 deferred payments plus interest to holders of record on Dec. 15.

Payment on the 7.5% junior subordinated debentures due September 2066 will be made on Dec. 27 for the 12 deferred payments plus interest to holders of record on Dec. 19.

The deferred payments total about $15 million, the release said.

Citizens is a Flint, Mich.-based financial services company.

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