Republic Bancorp in Louisville, Kentucky, has agreed to acquire CBank in Cincinnati and its Commercial Industrial Finance unit.
The $6 billion-asset Republic said the $51 million, all-cash deal would deepen its presence in metropolitan Cincinnati and give it a national platform for its leasing operations.
The deal is expected to close in the first quarter of 2023. CBank would merge into Republic's bank unit, Republic Bank & Trust Co.
The $270 million-asset CBank has loans of about $214 million and deposits of $240 million. It provides banking services as well as equipment finance and leasing products through its national Commercial Industrial Finance business, known as CIF. It has one branch.
With the acquisition Republic would have six branches in the Cincinnati metropolitan area and 43 banking centers throughout its five-state footprint. It will expand its leasing business across CIF's national operation.
Tom Saelinger, Republic Bank & Trust's Cincinnati and northern Kentucky market president, will lead the combined Greater Cincinnati banking operation. "Our combined teams will provide even more of an opportunity to make an impact here in our community," he said in a press release Thursday.
Scott Hawkins, CIF's president and chief executive, will lead the combined company's equipment finance and leasing operations.
"This merger fits nicely … in terms of like cultures, shared objectives and capital needed to fuel our growth," Hawkins said in the release. "The real winners here are our current and future customers, as well as our diverse portfolio of manufacturers, distributors and vendors of assorted medical, commercial, IT and energy-related equipment."
Piper Sandler served as financial advisor and Frost Brown Todd as legal counsel to Republic. Raymond James served as financial advisor and Dinsmore & Shohl as legal counsel to CBank.
