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REPUBLIC BANCORP AND HORIZON FINANCIAL SERVICES ANNOUNCE AGREEMENT

 REPUBLIC BANCORP AND HORIZON FINANCIAL SERVICES ANNOUNCE AGREEMENT
 ANN ARBOR, Mich., Oct. 30 /PRNewswire/ -- Republic Bancorp Inc. (NASDAQ-NMS: RBNC), Ann Arbor, and Horizon Financial Services, Inc. (NASDAQ-NMS: HFIN), Beachwood, Ohio, jointly announced today the signing of a definitive amended and restated merger agreement whereby Republic, a $627 million bank holding company, will acquire Horizon, a $402 million savings and loan holding company, through a merger of Horizon into Republic. The parties had previously announced that they were negotiating changes in the price and structure of the merger agreement signed on Sept. 30, 1992. Under the terms of the amended agreement, Horizon shareholders will be entitled to receive shares of Republic common stock at the rate of two shares for each share of Horizon stock and the transaction will be accounted for under the "pooling of interest" method of accounting.
 The transaction is anticipated to be completed in the second quarter of 1993, subject to, among other things, regulatory approval, the approval of the shareholders of both Horizon and Republic pursuant to appropriate proxy materials, and registration of the Republic securities under applicable law. In connection with the execution of the definitive agreement, Horizon has issued warrants to Republic entitling Republic to purchase up to 19.9 percent of the outstanding common stock of Horizon under certain circumstances.
 Horizon is the registered holding company for Horizon Savings Bank, a state-chartered savings bank founded in 1920. Horizon serves the Greater Cleveland area through eight suburban offices.
 Republic currently owns seven subsidiaries with 38 offices in five states and has become one of the leading sources of single-family residential mortgages in Michigan. The company's common stock is traded on the over-the-counter market and quoted on the NASDAQ National Market System under the symbol RBNC.
 -0- 10/30/92
 /CONTACT: Dana M. Cluckey of Republic Bancorp, 517-725-7337/
 (RBNC HFIN) CO: Republic Bancorp Inc.; Horizon Financial Services, Inc. ST: Michigan, Ohio IN: FIN SU: TNM


ML -- DE002 -- 6972 10/30/92 08:56 EST
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Publication:PR Newswire
Date:Oct 30, 1992
Words:329
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