ANN ARBOR, Mich., June 9 /PRNewswire-FirstCall/ -- Republic Bancorp Inc.
(Nasdaq: RBNC) today announced that Republic Bank entered into a purchase
agreement with Chemical Bank to acquire Chemical's retail branch office
located at 3015 E. Saginaw St., Lansing, Michigan.
Under terms of the purchase agreement, Republic Bank will acquire the
branch assets and approximately $7 million of deposits. Pending regulatory
approval, the purchase is expected to close at the end of the third quarter of
2004 and is not expected to have a significant impact on the results of
operations of the Company.
Republic Bancorp Inc., with $5.6 billion in assets, is the third largest
bank holding company headquartered in Michigan and the 81st largest bank
holding company in the country. Its subsidiary, Republic Bank, serves
customers in Michigan, Ohio and Indiana with 94 retail, commercial and
mortgage banking offices and 89 ATMs. The Company is the #1 Small Business
Administration bank lender based in Michigan for the 10th consecutive year and
one of the Midwest's top ten retail mortgage lenders. Republic was named as
the 5th Best Company to Work For by FORTUNE magazine (marking the fourth year
on FORTUNE'S "100 Best Companies to Work For") and named to Working Mother
magazine's list of "100 Best Companies for Working Mothers" for three years in
a row.
Information about Republic Bancorp Inc.'s financial results and its
products and services, including on-line mortgage applications and its
Internet banking system, ExpressNet, can be accessed at
http://www.republicbancorp.com .
As with any statements other than those reflecting historical facts,
forward-looking statements contained in this announcement involve risk, and,
as such, future financial performance may differ from current expectations due
to a variety of marketplace factors. These factors include, without
limitation, those disclosed in Republic Bancorp's filings with the Securities
and Exchange Commission.
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 , W. Brian
Black, President, Retail Banking, +1-248-932-6777,
bblack@republicbk.com , or Kristine D. Brenner, Director of
Investor Relations, +1-989-725-7337, kbrenner@republicbancorp.com
, all of Republic Bancorp Inc.
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