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Republic Bank and Trust to Sell its Owensboro, Elizabethtown and Frankfort Banking Centres to Limestone Bank
Friday 26 July 2019

26 July 2019 - Kentucky, US-based Republic Bank and Trust Company a subsidiary of Republic Bancorp, Inc. (NASDAQ: RBCAA), has entered into a definitive agreement to sell its four banking centres located in the Kentucky cities of Owensboro, Elizabethtown and Frankfort to Limestone Bank, a subsidiary of Limestone Bancorp, Inc. (NASDAQ: LMST), the bank said.
The agreement provides that Limestone will acquire loans, including credit cards, with balances of approximately USD 112m as of June 30, 2019, and assume deposits with balances of approximately USD 153m as of the same date, associated with the four banking centers.
In addition, Limestone will acquire substantially all the fixed assets of these locations, which have a book value of USD 1.3m as of June 30, 2019.
Based on the current deposits, the all-in blended premium for the transaction is expected to be near 6% of the total deposits transferred.
The final calculated premium will be primarily based on the trailing 10-day average amount of the deposits as of the closing date, as well as the branch location for the deposits. The transaction is subject to customary closing conditions, including regulatory approvals, and is anticipated to be completed in 4Q19.
Republic Bank and Trust currently has 45 full-service banking centers and two loan production offices throughout five states:32 banking centers in 11 Kentucky communities.
Details
Date Published: 26/07/2019
Target: Four banking centres located in the Kentucky cities of Owensboro, Elizabethtown and Frankfort
Country: USA
Sector: Banking/Financial Services
Type: Divestment
Financing: Cash
Status: Agreed
Vendor: Republic Bank and Trust Company
Buyer: Limestone Bank
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