LOUISVILLE, Ky.--(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 banking center in Bowling Green,
Kentucky to Citizens First Bank, Inc. (“Citizens”), a subsidiary of
Citizens First Corporation (NASDAQ: CZFC).
The Agreement provides that Citizens will assume all deposits, fixed
assets, and approximately one-half of the outstanding loans of Republic
Bank’s Bowling Green banking center. Citizens also agreed to make
employment offers to all branch-based employees of the banking center as
part of the transaction. In the aggregate, the transaction covers
approximately $35 million in deposits and approximately $14.5 million in
loans. The transaction is subject to customary closing conditions,
including regulatory approvals, and is anticipated to be completed
during August 2011.
“We at Republic Bank would like to extend our sincere thanks to all our
wonderful clients and associates in Bowling Green and are pleased
Citizens recognizes the value of both as they expand their investment in
the community. While we will profoundly miss working with, and serving,
the fine people of the Bowling Green area, we believe this agreement
provides a great benefit to our Bowling Green clients by making more
banking locations available in their region. In addition, this
transaction enables Republic to deploy its capital more efficiently in
order to achieve its long-term growth and performance objectives,” said
Steve Trager, president and CEO of Republic.
Republic Bancorp, Inc. (Republic) has 43 banking centers and is the
parent company of Republic Bank & Trust Company and Republic Bank.
Republic Bank & Trust Company has 35 banking centers in 13 Kentucky
communities - Bowling Green, Covington, Crestwood, Elizabethtown,
Florence, Frankfort, Georgetown, Independence, Lexington, Louisville,
Owensboro, Shelbyville and Shepherdsville and three banking centers in
southern Indiana – Floyds Knobs, Jeffersonville and New Albany. Republic
Bank has banking centers in Hudson, Palm Harbor, Port Richey and Temple
Terrace, Florida as well as Cincinnati, Ohio. Republic operates Tax
Refund Solutions, a nationwide tax refund loan and check provider.
Republic offers internet banking at www.republicbank.com.
Republic has $3.4 billion in assets and $1 billion in trust assets under
custody and management. Republic is headquartered in Louisville,
Kentucky and Republic's Class A Common Stock is listed under the symbol
“RBCAA” on the NASDAQ Global Select Market.
We were here for you yesterday. We are here for you today. We will
be here for you tomorrow. ®
Source: Republic Bancorp, Inc.
Contact:
Republic Bancorp, Inc.
Steve Trager, 502-584-3600
President
and Chief Executive Officer