Republic Bancorp, the parent company of Republic Bank & Trust Company, completed its previously announced acquisition of CBank and CBank’s wholly-owned subsidiary, Commercial Industrial Finance, for approximately $51 million in cash.
“We are excited about our further expansion into the Cincinnati area and the long-term value the CBank merger presents to our shareholders. Combining CBank’s strength in commercial lending and private banking with Republic’s capital and resources is a gain for the combined organization’s clients and associates,” Logan Pichel, president & CEO of Republic Bank, said. “In addition, the acquisition of CIF greatly expands our existing equipment financing and leasing operations and provides a national footprint for these services.”
“The CBank team is so pleased to join forces with Republic Bank — one of the most reputable financial institutions in this region — to expand offerings and enhance the banking experience for our combined current and prospective customers,” Dean Meiszer, CEO of CBank, said.
“Republic Bank’s commitment and success in the region is a source of pride for lifelong natives, like me.” Tom Saelinger, president of Cincinnati/Northern Kentucky market at Republic Bank, said. “I’m confident that working with CBank’s experienced team of bankers will further the momentum we’ve developed in the Greater Cincinnati area and allow us to make even more of an economic impact.”
As of Dec. 31, 2022, the combined assets of CBank and Republic would have been approximately $6.1 billion. The merger is expected to be accretive to Republic’s diluted earnings per Class A common share during the first 12 months after the merger. With the completion of the merger, Republic Bank now has seven banking centers in the Cincinnati metropolitan area and 44 banking centers throughout Republic’s entire network in five states.
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