By Andrea Brady, Building Kentucky
Republic Bancorp, Inc. has completed its previously announced merger with CBank and CBank’s wholly owned subsidiary, Commercial Industrial Finance, Inc. 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,” said Logan Pichel, Republic Bank President & CEO. “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,” said CBank’s CEO, Dean Meiszer.
Republic Bank’s Cincinnati/Northern Kentucky Market President, Tom Saelinger, believes this new business combination will benefit not only customers but also the entire community. “Republic Bank’s commitment and success in the region is a source of pride for lifelong natives, like me. 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 December 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 twelve months, post-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.