Republic Bancorp to acquire Commercial Industrial Finance owner CBank

US-based Republic Bancorp, the holding company of Republic Bank & Trust (Republic Bank), has agreed to acquire CBank and its fully-owned subsidiary Commercial Industrial Finance (CIF) in an all-cash direct merger deal valued at approximately $51 million.

Headquartered in St. Louis, Missouri, Commercial Industrial Finance offers equipment leasing and financing to businesses across the US.

Republic Bancorp, which is based in Kentucky, and is listed on NASDAQ, is planning to fund the deal value with current cash assets available with Republic Bank & Trust.

Based on the financial metrics as of 30 September 2022, CBank had total assets of around $271 million with total deposits of approximately $240 million and total gross loans of nearly $214 million.

Logan Pichel — Republic Bank & Trust President and CEO said: “We believe the combination of 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.

“In addition, the acquisition of CIF will greatly expand our existing leasing operations and provide a national footprint for these services.”

Republic Bank & Trust will have a total of six banking centers in the Cincinnati metropolitan region and 43 banking centers across its entire network in five states after the completion of the merger.

Dean Meiszer — CBank CEO said: “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.”

Expected to close in Q1 2023, the transaction is subject to regulatory approvals, CBank’s shareholders’ approval, and other customary conditions.