LOUISVILLE, Ky. — Republic Bancorp, Inc., the parent company of Republic Bank & Trust Company, and Cincinnati-based CBank announced the signing of an Agreement and Plan of Merger (the “Agreement”) under which Republic will acquire CBank and its wholly-owned subsidiary, Commercial Industrial Finance, Inc. (“CIF”). CIF, which is headquartered in St. Louis, Missouri, provides equipment leasing and financing to businesses nationwide.
Under the terms of the Agreement, Republic will acquire all of CBank’s outstanding common stock in an all-cash direct merger of CBank with Republic Bank, resulting in a total cash payment of approximately $51 million to CBank’s existing shareholders. Republic expects to fund the cash payment with existing resources on hand at Republic Bank. As of September 30, 2022, CBank had total assets of approximately $271 million, gross loans of approximately $214 million, and total deposits of approximately $240 million. Upon completing the merger, Republic Bank will have six banking centers in the Cincinnati metropolitan area and 43 banking centers throughout Republic Bank’s entire network in five states.
Logan Pichel, Republic Bank President & CEO, commented, “Dean Meiszer, CBank’s founder and CEO, and its distinguished Board of Directors led by Larry Sheakley, have spent 15 years building a first-class team and a top-tier community-focused bank. We believe combining our existing high-performing, community-minded team in Greater Cincinnati with CBank’s team will create an unparalleled financial services organization in the market that is second to none.” Pichel continued, “Additionally, the acquisition of CIF will greatly expand our existing leasing operations and provide a national footprint for these services. I look forward to working closely with Dean during and after the merger to make it a seamless transition for CBank’s and CIF’s clients and associates.”
CBank’s CEO, Dean Meiszer stated, “This opportunity for CBank to combine with Republic Bank — one the highest performing and most community-oriented financial institutions in the Midwest and Southeast — is extremely exciting. CBank’s notable and well-established track record in commercial lending and private banking will further strengthen this merger with Republic Bank. Republic Bank’s larger capital base and resources will provide larger loan opportunities for our customers and prospects and a greater depth of products and services for our expanding client base. I am eager to work with Republic Bank’s talented team to provide exceptional community banking service.”
With the completion of the merger, Dean Meiszer will consult Republic Bank on merger integration, customer relations, incremental product rollouts and business development.
The completion of the transaction, expected to close in Q1 2023, is subject to customary closing conditions, including regulatory approval and approval by CBank’s shareholders.
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