ANN ARBOR, Mich., June 16 /PRNewswire-FirstCall/ -- Republic Bancorp Inc.
(Nasdaq: RBNC), today announced that its Board of Directors approved a 2005
Stock Repurchase Program authorizing the repurchase of up to 2,000,000 shares
of the Company's common stock, or approximately 3% of the shares outstanding.
The program will commence at the conclusion of the 2003 Stock Repurchase
Program. 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.
"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 steadfast commitment to increasing
shareholder value," commented Dana M. Cluckey, President and Chief Executive
Officer.
Republic Bancorp Inc., with $5.9 billion in assets, is the third largest
bank holding company headquartered in Michigan and the 80th largest bank
holding company in the country. Its subsidiary, Republic Bank, serves
customers in Michigan, Ohio and Indiana with 95 retail, commercial and
mortgage banking offices and 90 ATMs. Republic consistently ranks as the #1
Small Business Administration bank lender based in Michigan and one of the
Midwest's top retail mortgage lenders. Republic was named the 3rd Best
Company to Work For by FORTUNE (marking the fifth 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 fourth year 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 .
SOURCE Republic Bancorp Inc.
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Related links:
http://www.republicbancorp.com
CONTACT:
Thomas F. Menacher, Executive V.P., Treasurer
& CFO, tmenacher@republicbancorp.com , +1-989-725-7337, or
Kristine D. Brenner, Director of Investor Relations,
kbrenner@republicbancorp.com , +1-989-725-7337, both of Republic
Bancorp Inc.
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