Republic Bancorp closes $51m acquisition of CBank and Commercial Industrial Finance
Republic Bancorp, the parent company of Republic Bank & Trust Company, has wrapped up the previously announced $51 million acquisition of CBank and its fully-owned subsidiary Commercial Industrial Finance (CIF), based in St. Louis, Missouri.
The all-cash deal was announced in October 2022.
Commercial Industrial Finance has now rebranded as Republic Bank Finance and has been made as a division of Republic Bank & Trust Company. It will continue Commercial Industrial Finance’s history as a direct provider of equipment finance and leasing solutions. These solutions cater to businesses of all sizes across various industries nationwide.
Andy Powell — Republic Bank Chief Lending Officer said: “When you combine the 30 years of experience that Scott and his team of veteran finance professionals bring with Republic Bank’s more than 40 years of providing exceptional financial customer service, you create a truly powerful resource for companies seeking sustainable growth.”
Services offered by Republic Bank Finance include customized vendor solutions for manufacturers and dealers, assisting with the acquisition of equipment by their customers. The division also collaborates with manufacturers and dealers to develop innovative solutions and services to enhance sales profitability. Moreover, Republic Bank Finance offers specialized services in the energy, manufacturing, healthcare, and transportation sectors.
Scott Hawkins will continue his leadership role, serving as President of Republic Bank Finance. In the aftermath of the merger, all Commercial Industrial Finance employees transitioned to become Republic Bank Finance employees. Hawkins will be a part of Republic Bancorp’s diverse commercial and corporate lending programs, reporting to Powell.
Scott Hawkins said: “This merger expands our capital and resources allowing us to better serve current and future customers.
“Republic Bank’s culture is completely aligned with our focus on exceptional customer service and creating new opportunities for our customers and employees to grow.”