LOUISVILLE, Ky.--(BUSINESS WIRE)--
Republic Bancorp, Inc. (NASDAQ: RBCAA) (“Republic” or the “Company”),
the parent company of Republic Bank & Trust Company (“RB&T”), is pleased
to report, that as of the close of business today, it has completed the
previously announced acquisition of Cornerstone Bancorp, Inc.
(“Cornerstone”) and its solely owned subsidiary, Cornerstone Community
Bank (“CCB”), for approximately $32 million in cash.
Steve Trager, Chairman & CEO of Republic, commented: “We are excited
about our further expansion into the Tampa-St. Petersburg-Clearwater
area and the long-term value the Cornerstone acquisition presents to our
shareholders. We firmly believe that combining Cornerstone’s strong
sales culture and market presence with the financial support of Republic
will be a win-win for everyone.”
David Feaster, the President and CEO of the former CCB and the new
President for the Pinellas Market of RB&T, stated: “My staff and I are
excited about joining the Republic team and the greater array of
products and services that we will have available to offer our clients
as part of a larger organization. By leveraging Republic’s strong
balance sheet, we will be able to expand relationships with our existing
CCB clients and attract new, larger relationships that were more
difficult to obtain in the past for a bank under $500 million in assets.
We are eager to tell our clients and the community the benefits of being
a customer of Republic Bank.”
As of today’s acquisition completion date, Cornerstone had total assets
of approximately $230 million, including total loans of approximately
$190 million and total deposits of approximately $200 million. The
acquisition is expected to be accretive to Republic’s Diluted Earnings
per Class A Common share during the first twelve months,
post-acquisition. With the completion of the acquisition and the
addition of CCB’s four banking centers, RB&T now has six banking centers
in its Tampa-St. Petersburg-Clearwater footprint and 44 banking centers
throughout Republic’s entire network.
Republic Bancorp, Inc. (the “Company”) is the parent company of
Republic Bank & Trust Company (the “Bank”).The Bank
currently has 44 banking centers: 32 banking centers in 12 Kentucky
communities - Covington, Crestwood, Elizabethtown, Florence, Frankfort,
Georgetown, Independence, Lexington, Louisville, Owensboro, Shelbyville
and Shepherdsville; three banking centers in southern Indiana – Floyds
Knobs, Jeffersonville and New Albany; six banking centers in five
Florida communities – Largo, Port Richey, Seminole, St. Petersburg,
Temple Terrace, two banking centers in Tennessee – Cool Springs
(Franklin) and Green Hills (Nashville); and one banking center in Blue
Ash (Cincinnati), Ohio. The Bank offers internet banking at www.republicbank.com.
The Company has approximately $4.4 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.
Republic Bank. It’s just easier here. ®
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.These
statements are based on our current expectations and assumptions
regarding our business, the acquired business of Cornerstone and its
affiliates, the economy and other future conditions.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 the 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. Important factors that could cause
actual results to differ materially from those in the forward-looking
statements include the ability to grow CCB loan and deposit balances
post-acquisition, unanticipated post-acquisition loan losses for
Republic on CCB-originated loans, the ability of Republic to integrate
acquired operations including obtaining synergies, integration
objectives and anticipated timelines, the ability of Republic to
integrate, manage and keep secure our information systems, and other
factors set forth as “Risk Factors” at Part I, Item 1A. in the Company’s
Annual Report on Form 10-K for the period ended December 31, 2015, which
has been filed with the Securities and Exchange Commission and is
available on Republic’s website (www.republicbank.com)
and on the Securities and Exchange Commission’s website (www.sec.gov).
Any forward-looking statement made by us in this press release speaks
only as of the date on which it is made. Factors or events that could
cause our actual results to differ may emerge from time to time, and it
is not possible for us to predict all of them. We undertake no
obligation to publicly update any forward-looking statement, whether as
a result of new information, future developments or otherwise, except as
may be required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160517006344/en/
Republic Bancorp, Inc.
Steve Trager, 502-561-7122
Chairman
& Chief Executive Officer
Source: Republic Bancorp, Inc.