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Republic Bank & Trust Company Expands Into The Nashville, Tennessee Market With Acquisition

Stocks in this article: RBCAA

Republic Bancorp, Inc. (NASDAQ: RBCAA) (“Republic” or the “Company”), through its subsidiary, Republic Bank & Trust Company (“RB&T”), is pleased to announce that it has expanded into the Nashville, Tennessee market by acquiring substantially all of the deposits and select assets of Tennessee Commerce Bank (“TCB”) of Franklin, Tennessee, from the Federal Deposit Insurance Corporation (“FDIC”).

In addition to assuming approximately $1 billion of the deposits of TCB (both insured and uninsured), RB&T purchased approximately $122 million of loans and other real estate owned for $65 million, representing a 47% discount. RB&T paid no deposit premium for the deposits. The acquisition is being completed through a purchase and assumption agreement with the FDIC, without loss sharing agreements. RB&T did not acquire any assets or liabilities of TCB’s parent holding company, Tennessee Commerce Bancorp, Inc., or any of TCB’s stock in Commerce Bancshares, Inc. and Farmers Bancorp, Inc. and their subsidiary banks.

“We are delighted to expand our service into the Nashville market and we look forward to growing in the community,” said Steve Trager, CEO of Republic. “Most importantly, with the support of the banking industry and the FDIC, all customer deposits will be protected and all depositors will have prudent access to their funds.”

This transaction is expected to be immediately accretive to Republic’s net income, diluted earnings per common share and book value per common share. Upon completion of the acquisition, RB&T will continue to be “well capitalized” under applicable bank regulatory standards and will require no additional capital to complete this transaction.

Republic Bancorp, Inc. is a $3.4 billion bank holding company headquartered in Louisville, Kentucky. The Company has 42 locations in Kentucky, Indiana, Ohio and Florida, and Republic has a long history of strong earnings, healthy capital and excellent asset quality. Republic posted record net income of $94.1 million in 2011 and received national recognition in July 2011, when Sandler O'Neil & Partners released its annual rankings of the top 150 financial institutions in Bank Director Magazine. For the second consecutive year, the magazine ranked Republic as the 5 th best performing bank in the country based on total assets, profitability, capital adequacy and asset quality. Republic has been recognized each of the last three years as one of the top ten performing banks in the country thanks to the great efforts of its 710 associates who are dedicated to serving its clients’ financial needs every day.

TCB’s only office will continue to operate under its current name as a division of RB&T. TCB clients should continue to conduct their banking as they have in the past. RB&T will soon be providing additional information to TCB clients about this transaction. TCB client deposits are now backed by the financial strength and security of RB&T and will continue to be insured by the FDIC to the fullest extent provided by law.

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