Citizens First Bancorp, Inc. Completes Acquisition of Metro Bancorp, Inc. and Its Subsidiary, Metrobank

Business Wire

January 12, 2004

PORT HURON, Mich., Jan 12, 2004 (BUSINESS WIRE) -- Citizens First Bancorp, Inc. ("Citizens") (Nasdaq:CTZN), the holding company for Citizens First Savings Bank ("Citizens First"), announced today that it completed on January 9, 2004 the acquisition of Metro Bancorp, Inc. and its subsidiary, Metrobank. Metro Bancorp is a bank holding company with over $147 million in assets in Oakland County, Michigan.

The definitive agreement for the transaction, valued at $30 million, was reached on May 21, 2003, and regulatory approvals have been obtained, including approval by Michigan's Office of Financial and Insurance Services of Metrobank's conversion to a Michigan savings bank.

Although Metrobank will be owned by Citizens, it will continue to operate its four Oakland County locations as a subsidiary of Citizens. Thomas A. Duke and Robert P. Heinrich have agreed to remain on the Metrobank board of directors. Mr. Heinrich has agreed also to continue as Metrobank's President, and Gerald Wasen has agreed to continue as Metrobank's Executive Vice-President.

Citizens, whose assets exceed $1 billion, currently operates 16 full service banking offices in St. Clair, Sanilac, Huron and Lapeer Counties, through its Citizens First subsidiary.

Statements contained in this news release may be forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of such words as "intend," "believe," "expect," "anticipate," "should," "planned," "estimated," and "potential." Such forward-looking statements are based on current expectations, but may differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time, which are incorporated into this press release by reference. Other factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in interest rates, general economic conditions, legislative and regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Bank's market area, changes in relevant accounting principles and guidelines and other factors over which management has no control. The forward-looking statements are made as of the date of this release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

SOURCE: Citizens First Bancorp, Inc.

CONTACT: Citizens First Bancorp, Inc.

Marshall J. Campbell, 810-987-8300

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