Citizens Banking Corp. plans to add to its Michigan presence with the acquisition of Jackson-based CB Financial Corp. in a deal valued at $129 million.

Citizens, $3.5 billion in assets, has agreed to pay about 1.7 times book value-or 15 times estimated 1997 earnings. The acquisition, announced Jan. 27, would give Citizens added locations in northwestern and south central Michigan. CB Financial has $826 million in assets and is primarily a community retail and commercial bank. The deal is expected to close in June.

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