Republic Bank & Trust Company Announces an Agreement to Sell its Owensboro, Elizabethtown & Frankfort Banking Centers to Lime...
July 25 2019 - 8:15AM
Business Wire
Republic Bank & Trust Company (“Republic Bank”), a
subsidiary of Republic Bancorp, Inc. (NASDAQ: RBCAA) (“Republic”),
has entered into a definitive agreement to sell its four banking
centers located in the Kentucky cities of Owensboro, Elizabethtown
and Frankfort to Limestone Bank (“Limestone”), a subsidiary of
Limestone Bancorp, Inc. (NASDAQ: LMST).
The agreement provides that Limestone will acquire loans,
including credit cards, with balances of approximately $112 million
as of June 30, 2019, and assume deposits with balances of
approximately $153 million as of the same date, associated with the
four banking centers. In addition, Limestone will acquire
substantially all the fixed assets of these locations, which have a
book value of $1.3 million as of June 30, 2019. Based on the
current deposits, the all-in blended premium for the transaction is
expected to be near 6% of the total deposits transferred. The final
calculated premium will be primarily based on the trailing 10-day
average amount of the deposits as of the closing date, as well as
the branch location for the deposits. The transaction is subject to
customary closing conditions, including regulatory approvals, and
is anticipated to be completed in the fourth quarter of 2019.
“We at Republic Bank would like to extend our sincere thanks to
all of our wonderful clients and associates in these four banking
centers, and we are happy that Limestone has also agreed to make
employment offers to the traditional branch associates as part of
this transaction. While we will profoundly miss working with and
serving the fine people in these markets, we are pleased that this
transaction positions Republic to focus our capital and efforts on
our many remaining markets and their surrounding areas in order to
continue our exciting growth trajectory. All impacted banking
center associates and clients can be assured that Republic and
Limestone are both committed to a smooth transition,” commented
Steve Trager, Chairman & CEO for Republic.
Republic Bancorp, Inc. (the “Company”) is the parent company of
Republic Bank & Trust Company (the “Bank”). The Bank currently
has 45 full-service banking centers and two loan production offices
throughout five states: 32 banking centers in 11 Kentucky
communities - Covington, Crestview Hills, Elizabethtown, Florence,
Frankfort, Georgetown, Lexington, Louisville, Owensboro,
Shelbyville, and Shepherdsville; three banking centers in southern
Indiana – Floyds Knobs, Jeffersonville, and New Albany; seven
banking centers in six Florida communities (Tampa MSA) – Largo,
Port Richey, St. Petersburg, Seminole, Tampa, and Temple Terrace
and one loan production office in Oldsmar; two banking centers in
Tennessee (Nashville MSA) – Cool Springs (Franklin) and Green Hills
(Nashville), and one loan production office in Brentwood; and one
banking center in Norwood (Cincinnati), Ohio. The Bank offers
internet banking at www.republicbank.com. The Bank also offers
separately branded, nation-wide digital banking at
www.mymemorybank.com. The Company has $5.7 billion in assets and is
headquartered in Louisville, Kentucky. The Company’s Class A Common
Stock is listed under the symbol “RBCAA” on the NASDAQ Global
Select Market.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. The forward-looking statements in the preceding paragraphs
are based on our current expectations and assumptions, including
those regarding the amounts and the mix of deposits being sold to
Limestone Bank. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict. Our actual
results may differ materially from those contemplated by
forward-looking statements. We caution you therefore against
relying on any of these forward-looking statements. They are
neither statements of historical fact nor guarantees or assurances
of future performance. Actual results could differ materially based
upon factors disclosed from time to time in the Company’s filings
with the U.S. Securities and Exchange Commission, including those
factors set forth as “Risk Factors” in the Company’s Annual Report
on Form 10-K for the period ended December 31, 2018. The Company
undertakes no obligation to update any forward-looking statements.
These forward-looking statements are made only as of the date of
this release, and the Company undertakes no obligation to release
revisions to these forward-looking statements to reflect events or
conditions after the date of this release.
Republic Bank. It’s just easier here. ®
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version on businesswire.com: https://www.businesswire.com/news/home/20190725005086/en/
Steve Trager Chairman & Chief Executive
Officer (502) 584-3600
Republic Bancorp (NASDAQ:RBCAA)
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