ANN ARBOR, Mich., April 27 /PRNewswire-FirstCall/ -- Republic Bancorp
Inc. (Nasdaq: RBNC), today announced that its Board of Directors approved a
2006 Stock Repurchase Program authorizing the repurchase of up to 2,000,000
shares of the Company's outstanding common shares, or approximately 3% of
the shares outstanding. The program will commence at the conclusion of the
2005 Stock Repurchase Program, which as of March 31, 2006, had 613,152
shares remaining for repurchase. Repurchases will be made from time to time
as market and business conditions warrant, in the open market, negotiated,
or block transactions, and will be funded from available working capital
and cash flow from operations. Repurchased shares will be used for employee
benefit plans, stock dividends and other general business purposes,
including potential acquisitions.
Also, the Board of Directors declared an $.11 per share cash dividend
to shareholders of record as of June 9, 2006 and payable July 5, 2006.
"With our strong capital levels, we believe that continuing to
repurchase our stock is a prudent use of capital and builds value for our
shareholders. Our stock repurchase programs, along with Republic's history
of cash and stock dividends, continue to reflect our commitment to
increasing shareholder value," commented Dana M. Cluckey, President and
Chief Executive Officer.
Additionally, the Board of Directors reappointed Ernst & Young LLP as
independent public accountants for fiscal 2006. Ernst & Young LLP has
served as Republic's independent public accountants since 1997.
About the Company
Republic Bancorp Inc., with $6.2 billion in assets, is the third
largest bank holding company headquartered in Michigan and the 79th largest
bank holding company in the country. Its subsidiary, Republic Bank, serves
customers in Michigan, Ohio and Indiana with 92 retail, commercial and
mortgage banking offices and 91 ATMs. Republic has consistently been the #1
Small Business Administration bank lender based in Michigan and one of the
Midwest's top retail mortgage lenders. Republic was named the 17th Best
Company to Work For by FORTUNE magazine (marking the 6th year on FORTUNE's
"100 Best Companies to Work For" list) and named to Working Mother
magazine's list of "100 Best Companies for Working Mothers" for the fifth
year in a row.
Information about Republic Bancorp Inc.'s financial results and its
products and services, including on-line banking and mortgage applications
can be accessed at http://www.republicbancorp.com .
SOURCE Republic Bancorp Inc.
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Related links:
http://www.republicbancorp.com
CONTACT:
Thomas F. Menacher, Executive V.P., Treasurer
& CFO, +1-989-725-7337, tmenacher@republicbancorp.com , or
Kristine D. Brenner, Director of Investor Relations,
+1-989-725-7337, kbrenner@republicbancorp.com , both of Republic
Bancorp Inc.
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