Republic Acquisition Lands Federal Approval
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe parent company of Republic Bank and Trust Co., which has several locations in southern Indiana, is ready to move forward with a merger announced last year. Louisville-based Republic Bancorp Inc. (Nasdaq: RBCAA) has received federal approval for its acquisition of Florida-based Cornerstone Bancorp Inc.
Under the terms of the agreement, Cornerstone’s subsidiary bank, Cornerstone Community Bank, will be integrated into Republic Bank and Trust. In its quarterly earnings report released last month, Republic said it planned to complete the integration by mid-July, pending regulatory approval of the deal.
The Federal Reserve Board approved the merger with an order issued Monday. Republic received approval from the Federal Deposit Insurance Corp. in February.
Republic reported a 29 percent increase in net income for the first quarter of 2016. The company reported earnings of $17.7 million, up from $13.4 million during the same period the previous year.
Republic Bank and Trust Co. has locations in Jeffersonville, Floyds Knobs, and New Albany. It also has branches in Kentucky, Ohio, Tennessee, and Florida.