Citizens Republic Said to Seek Buyers

Citizens Republic Bancorp Inc., the Michigan lender that has yet to repay a $300 million U.S. government bailout, is soliciting takeover bids from competitors, said three people with knowledge of the matter.

The bank hired JPMorgan Chase & Co. to find a buyer and has contacted suitors in recent weeks, according to the people, who spoke on condition of anonymity because the effort is private. The company, which had a market value of more than $700 million yesterday, has also explored other ways to pay back its 2008 rescue, including by issuing equity, they said.