In a deal that would create a community banking powerhouse in the upper Midwest, Citizens Banking Corp. of Flint, Mich., has agreed to buy F&M Bancorp of Kaukauna, Wis., for $820 million in stock.

The deal, announced Monday, would establish a company with $7 billion of assets and 200 branches in five states. Citizens, with offices in Michigan and Illinois, would pick up Wisconsin's fourth-largest bank, along with branches throughout Iowa and Minnesota.

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