annual reports

Citizens First Bancorp

2008 Annual Report

Citizens First is a community bank serving customers in Southeast Michigan. As expressed in their annual report – and felt across the banking industry - 2008 proved to be a difficult year. The decline in real property values, Michigan's high unemployment rate and the collapse of the automotive industry magnified the effects of the global recession on this Michigan-headquartered company.

Now more than ever, Citizens First believes it is important to hold steadfast to its commitment as a community bank – to help the customers and communities that they serve. They are learning from the experience of this economic crisis and are focused on capitalizing on the opportunities they believe will result from this environment.

In 2006, Citizens First had already recognized the deterioration in the Michigan economy and began the process of reducing their exposure to certain types of loans and their strategy has proven to be successful. The bank has also developed programs to help 574 struggling families stay in their homes. They see these types of programs as not only good for the community but as a sound business plan. In the case of bank-owned properties, Citizens First has a strategy to sell property quickly through Coastal Equities Partners, the Bank's property management company – maximizing value to the Bank, while protecting property values.

Along with expense reductions and other efficiencies, Citizens First continues to remain focused on their customer service-based philosophy. The dedication to their customer plays an important role in maintaining strong relationships and deposit growth. New products and services introduced in 2008 and 2009 will give the Bank a competitive advantage as we recover from the current recession. Citizens First is confident that the economy will improve, Michigan will be stronger and they will be well-positioned to continue to help the people and communities that they serve.

The visual tone of this year's report is one of simplicity and transparency. We address the challenges that Citizens First is confronting, while outlining their accomplishments and strategies for change that will capitalize on the current economic environment while positioning them as a stronger organization. As partners with Citizens First, and each of our clients, we stand by them through the difficult times and support them in communicating with candor and transparency while articulating strategies for positive change and positioning.

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