Republic Completes Cornerstone Acquisition

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Louisville-based Republic Bancorp Inc. (Nasdaq: RBCAA) has completed its acquisition of Florida-based Cornerstone Bancorp Inc. As part of the $32 million cash deal, Cornerstone Community Bank will be integrated into Republic Bank and Trust Co. 

Republic said last month in its quarterly earnings report it planned to complete the integration by mid-July, pending regulatory approval of the deal. Four CCB branches will be brought into Republic’s network.

"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," said Steve Trager, chairman and CEO of Republic. "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."

Republic Bank and Trust Co. has locations in Jeffersonville, Floyds Knobs, and New Albany. It also has branches in Kentucky, Ohio, Tennessee, and Florida.