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|Midwest Super-Community

Bank Conference

March 1, 2006
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|Safe Harbor Statement

Discussions in this release that are not statements of historical fact (including statements that
include terms such as "will" "may," "should," "believe," "expect," "anticipate," "estimate,"
"intend," and "plan") are forward-looking statements that involve risks and uncertainties, and
Citizens' actual future results could materially differ from those discussed.  Factors that could
cause or contribute to such differences include, without limitation, adverse changes in Citizens'
loan and lease portfolios and the resulting credit risk-related losses and expenses (including
losses due to fraud, Michigan automobile-related industry changes and shortfalls, and other
economic factors), Citizens' future lending and collections experience and the potential
inadequacy of Citizens' loan loss reserves, interest rate fluctuations and the effects on net
interest income of changes in Citizens' interest rate risk position, the potential inability to hedge
certain risks economically, other adverse changes in economic or financial market conditions,
the effects of terrorist attacks and potential attacks, Citizens' potential inability to continue to
attract core deposits, Citizens' potential inability to continue to obtain third party financing on
favorable terms, adverse changes in competition and pricing environments, Citizens' potential
failure to maintain or improve loan quality levels and origination volume, unanticipated
expenses and payments relating to litigation brought against Citizens from time to time,
unanticipated technological changes that require major capital expenditures, adverse changes
in applicable laws and regulatory requirements, the potential lack of market acceptance of
Citizens' products and services, adverse changes in Citizens' relationship with major customers,
changes in accounting and tax rules and interpretations that negatively impact results of
operations or capital, the potential inadequacy of Citizens' business continuity plans, the
potential failure of Citizens' external vendors to fulfill their contractual obligations to Citizens,
Citizens' potential inability to integrate acquired operations, unanticipated environmental
liabilities or costs, impairment of the ability of the banking subsidiaries to pay dividends to the
holding company parent, Citizens' success in managing the risks involved in the foregoing, and
other risks and uncertainties detailed from time to time in its filings with the Securities and
Exchange Commission. Other factors not currently anticipated by management may also
materially and adversely affect Citizens' results of operations.  There can be no assurance that
the future results will meet expectations.  While Citizens believes that its forward-looking
statements are reasonable, you should not place undue reliance on any forward-looking
statement.  In addition, these statements speak only as of the date made.  Citizens does not
undertake, and expressly disclaims any obligation, to update or alter its statements whether as
a result of new information, future events or otherwise, except as required by applicable law.
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|Who We Are

2nd largest bank holding company in
Michigan

61st largest bank in the U.S.

$7.8 billion in assets

$2.5 billion in trust assets under
administration

$1.2 bil market cap as of December 31, 2005

183 Branch & Financial Centers

187 ATMs

Source: SNL DataSource Deposit Market Share Analysis
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|Our Turnaround Strategy

Since 2002

Build a strong management team:

Large and community bank experience

Experience in turnarounds, culture change and transformations

Hire the best with strong injection of expertise

Front line authority and capability to provide solutions

Back office - "store support" for the front line

Enhance our product array to compete at all levels

Treasury/Cash Management

Business Deposit Products (bundled services, imaging, internet)

Wealth Management

Develop a rigorous and disciplined sales management
focus with consultative selling

Leverage sales culture and process to gain "fair share"

Streamlined operating model with high touch - high service

Lightning fast response time on decisions and problem resolution
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|Our Turnaround Strategy

Since 2002

Invest into high growth markets enhancing our
footprint

Southeast Michigan

New Management Team and seasoned personnel in Wisconsin

Make the necessary people and process changes to
enhance our operating model

Enterprise risk management

Program management process with certified leaders

Establish "core competencies"

Credit quality - underwriting, monitoring, collection

Asset/Liability Management

Institutionalize cost management
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|Proven Ability to Execute

* "As reported" includes continued and discontinued operations (see slide 23 ). ** As reported: EPS = 1.85, ROE = 12.33, and ROA
= 1.04; Excluding the 4Q05 $3.6 mil charge relating to the swaps on brokered CDs: EPS = 1.91, ROE = 12.68, and ROA = 1.06.
        2002    2003    2004    2005
    ROE% (as reported)*    3.62    10.43    11.9    12.33
    ROE%**                0.35


12.68**

ROE%
        2002    2003    2004    2005
    EPS (as reported)*    0.56    1.51    1.74    1.85
    EPS**                0.06


1.91**

EPS

        2002    2003    2004    2005
    ROA%(as reported)*    0.33    0.86    0.99    1.04
    ROA%**                0.02


1.06**

ROA%
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|Consistent Loan Growth Trends

After a Period of Rationalizing Credit
         4Q01      1Q02      2Q02     3Q02    4Q02*    1Q03    2Q03    3Q03    4Q03*    1Q04*    2Q04*    3Q04    4Q04    1Q05    2Q05    3Q05    4Q05
    Consumer Loans
    Total Loans (Less Mortgage & HFS)    4873    4828    4897    4855    4720    4706    4705    4737    4672    4724    4820    4801    4885    4934    4998    5037    5076
    Illinois Sale ($76.1 Million)


* Restated - excludes Illinois subsidiary balances which are now treated as discontinued operations.

Total Loans (Less Mortgage & HFS)
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|Proven Ability to Execute

Southeast Michigan Initiative
        2Q03    3Q03    4Q03    1Q04    2Q04    3Q04    4Q04    1Q05    2Q05    3Q05    4O05
    Average Loans    366    384    414    421    465    521    618    643    707    770    812

        2Q03    3Q03    4Q03    1Q04    2Q04    3Q04    4Q04    1Q05    2Q05    3Q05    4Q05
    Average Deposits    232    227    242    276    263    269    271    252    262    262    276


$428 mil Growth or 111%

3Q03-4Q05
        Feb '04    1Q04    Apr '04    May '04    2Q04    July '04    Aug '04    3Q04    Oct '04    Nov '04    4Q04    Jan '05    Feb '05    1Q05    2Q05    3Q05    4Q05
    Average Deposits    1206000    11772000    16240000    22481000    21780000    21971000    24530000    30040000    30318000    29417000    30861000    30070000    33086000    33565000    42759000    51671000    57755000
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|Proven Ability to Execute

Wealth Management
        2003    2004    2005
    Trust Income    17527    17851    18444
    Brokerage Income    4293    4651    5582
    Other Inc (incl. NIM)    296    1353    1503

        Personal Trust    Employee Benefit Plans    Institutional Trust    IRA    IMAP
    December 2004 Trust Assets    1420    527    423    149    11


December 2005 (EOM)

 Trust Assets under Administration

($2.5 Billion)
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|2002*    2003*    2004*    2005
    NCO% (as reported)    1.61    0.89    0.4    0.13
    NCO%**                0.16


0.29**
        2002*    2003*    2004    2005
    NPA/Total Loans    1.7    1.47    0.94    0.71


** As reported NCO% = 13bps; Excluding the 4Q05 $9.1 mil insurance settlement NCO% = 29bps.

Proven Ability to Execute

Credit Quality

* Restated - excludes Illinois subsidiary which is now treated as discontinued operations.

Net Charge-off %

NPA %
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|High Grade

Consumer Underwriting
        1Q03    2Q03    3Q03    4Q03    1Q04    2Q04    3Q04    4Q04    1Q05    2Q05    3Q05    4Q05
    Total ($'s) Booked    193162    135047    176331    96173    223908    91912    165608    80020    112862    115444    72269    43000
    Avg Bureau Score Booked    740    740    737    714    730    740    749    740    756    750    757    739

        1Q03    2Q03    3Q03    4Q03    1Q04    2Q04    3Q04    4Q04    1Q05    2Q05    3Q05    4Q05
    Total ($'s) Booked    60759    117195    120520    42812    84873    111279    91742    34387    59321    75265    76467    18500
    Avg Bureau Score Booked    686    681    704    692    713    717    717    713    723    710    712    722
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|Our Responsive Operating Model
   Topic      "Big Bank"
Approach      Citizens'
Approach
   Focus      Pushing Product Sales      Satisfying Client Needs
   Sales Approach      Product Specialists      Highly Competent Senior Relationship "Bankers"
   Staffing      Limited Competence (Narrow Focus), Cost Control, Minimum Staffing      Broad Competence, Staffed For Growth
   Operating Philosophy       Standardized, Rule-Based      Flexible, Agile, and Lightning Fast
   Financial Performance      Efficiency Ratio, Short-term Profitability      Loan & Deposit Growth
   Organization/Decisions      Highly Centralized LOB Reporting/Bureaucratic/
Slow Decisions      Geographic Team, Local Influence, Speedy Decisions
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|Industry Challenges for 2006

Margins will struggle

Flat or inverted curve

Spread compression on loans and deposits

Price competition for non-maturity deposits will continue to
increase

Tough regulatory environment requiring significant
focus while costs continue to rise

Early signs of consumer economic stress

Mortgage origination volume expected to decrease

Deposit fees expected to slow

Based on having fix/repair turnaround
behind us, and the seriousness of industry
challenges - need new strategic direction
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|2006 Growth Strategy

Developed and implemented new strategic
plan

Conducted planning process Sept. through January

Goal was to develop a strategy that delivers
our key corporate objectives

Improved levels of Return on Equity

Organic revenue growth leading to profitability growth

Consistent and disciplined credit quality and balance
sheet management

Continue our ability to hire and retain the best

Ability to acquire when terms are more favorable and to
apply our emerging success formula
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|What We Identified

From Our Situation Analysis

We did an assessment to determine our growth and
profit potential

After analyzing several peer groups ~ 50% with
similar markets and business mix achieve attractive
results (not skewed toward MI):

Our findings indicated there is no correlation between
location, demographics, and ROE growth potential

Citizens current markets provide tremendous opportunity:

Capacity and ability to meet fair share within markets based on
current locations given the right focus and strategy

Focus must be on key drivers of stock appreciation
for regional banks:

ROE

EPS growth

Organic revenue growth, particularly deposits
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|Our Highest Strategic Priorities

Greater emphasis on low cost deposits from consumers,
small business, commercial, and municipalities

Strengthening our Value Proposition as the best institution
to bank with in our markets:

Differentiated service quality

Lightning fast response

Proof points that make our assertions real for our customers

Maintain the momentum already built in our lines of business

Maintain strong commitment to balance sheet management:

Credit Quality

Asset/Liability Management

Improve Strategy

Improve Competitiveness and Profitability

Commercial

Metro Branch Banking

Community Banking (Rural)

Mortgage

Growth Strategy

Leverage Existing Capabilities

Southeast Michigan

Wealth Management

Direct & Indirect Lending

Public Funds
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|Commercial

Strategy Highlights

Value Proposition

Serving clients and prospects with the best Commercial
Bankers in all of our markets

Be highly skilled and responsive in delivering service

Have superior industry knowledge and solutions to meet client needs

Have "boundaryless" access and support from all business partners


Strategy

Continue commercial loan growth with strong credit
quality standards

Rigorous and disciplined sales and sales management
approach

Emphasis on deposit rich segments and opportunities

Maintain momentum in specialty segments

Agriculture Banking, Commercial Real Estate, and Public Funds

Leverage strong market position and relationships to
enhance Wealth and Treasury Management penetration
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|Metro Branch Banking

Strategy Highlights

Value Proposition

Treat clients and prospects with fairness and respect and
care for everyone as an individual

Strategy

Provide a consistent positive service experience

Enhance our ability to sell and retain low-cost consumer
and small business deposits

Increased authority on pricing and problem resolution with an
emphasis on service

Continue consumer and small business loan growth
momentum

Direct access to branch personnel who are responsive and
available at our clients convenience

Designated 106 branches as Metro Branch Banking

91 in Michigan, 15 in Wisconsin
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|Community Banking in Rural Markets

Strategy Highlights

Value Proposition

Serving clients and prospects with the best Community
Bankers in all of our markets

Skill and capability to be the "Go-to Person" in each market

Lives in the community

Strategy

Provide a consistent positive service experience

Increased authority on pricing and problem resolution

Partnering with regional specialists for what a community
bank cannot do

Actively involved in local community

Continue consumer and small business loan growth
momentum

Designated 77 branches as Community Banking

28 in Michigan, 38 in Wisconsin, 11 in Iowa
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|Wealth Management

Strategy Highlights

Value Proposition

Providing superior results through expert advice,
effective financial solutions and service you would expect
from a true partner

Strategy

Provide high-touch, high quality, solutions based sales
process and client experience

Deliver objective and unbiased investment advice utilizing
an open architecture environment

Coordinate relationship management with line of business
partners stressing a high quality and consultative
approach delivered through local, experienced
professionals

We will compete in Personal Investment Management, Investment Center
(Brokerage), Private Banking, Institutional Investment Management, and
Employee Benefits
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|Indirect Lending

Strategy Highlights

Value Proposition

Providing rapid, flexible underwriting, competitive
pricing, and strong personal relationships with dealer
personnel

Strategy

Continue the momentum already built in RV and Marine
lending while maintaining strong credit quality standards

Expand into contiguous geographies

Improve service levels

Underwriting speed

Pricing

Funding availability

Dealer satisfaction measured by dealer input and feedback
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|Financial Highlights
|--------------------



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|Summary Income Statement

Summary Income Statement
|--------------------------------------------------



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|Balance Sheet Highlights

Balance Sheet Highlights

* Restated - excludes Illinois subsidiary balances which are now treated as discontinued operations.
|--------------------------------------------------------------------------------------------------------------------------------------------------------



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|Key Ratios

Credit Quality & Capital

                2002*   2003*   2004*   2005

Credit Quality
LLR/NPA         118%    160%    240%    292%
LLR/NPL         130%    178%    285%    358%
NPA/Total Loans         1.70%   1.47%   0.94%   0.71%
NCO%            1.61%   0.89%   0.40%   0.13%   **
LLR%            2.01%   2.35%   2.27%   2.07%

Capital
Tier I Ratio            9.18%   9.80%   9.96%   9.94%
Total Capital           10.43%  13.23%  13.32%  13.22%
Tangible Common Equity          7.73%   7.38%   7.67%   7.69%
Leverage Ratio          7.18%   7.45%   7.84%   7.98%
** As reported NCO% = 13bps; Excluding the 4Q05 $9.1 mil insurance settlement NCO% = 29bps.

* Restated - excludes Illinois subsidiary which is now treated as discontinued operations.
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|Citizens Opportunities in 2006

Continue profitable growth in C&I and CRE lending
through:

Highly experienced and seasoned personnel with lending
expertise

Aligned product and service solutions with a rigorous sales
and sales management process

Continue to accelerate profitable growth of
Southeastern MI franchise

Greater emphasis on deposits from consumers, small
business, commercial, and municipalities will
improve deposit mix and revenue momentum

Continue growth in Wealth Management profitability

Asset Quality emphasis will result in continued credit
leverage

Expense rationalization while prudently investing in
revenue opportunities will lead to operating leverage
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|Why Invest In Citizens?

Citizens Banking Corporation (CBCF) stock:



Proven execution ability will drive success of
business strategies

Strong management team committed to long-
term growth and shareholder value

Dividend Yield of 4.11% at the end of the
fourth quarter, with share price upside
potential

Long-term outlook for earnings growth is
positive
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