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REPUBLIC BANCORP INC. REPORTS FEDERAL RESERVE BOARD APPROVAL OF HORIZON MERGER

 ANN ARBOR, Mich., June 15 /PRNewswire/ -- Republic Bancorp Inc. (NASDAQ-NMS: RBNC) today announced that the Federal Reserve Board has approved the pending merger with Horizon Financial Services, Inc. (NASDAQ: HFIN), Beachwood, Ohio.
 "We are pleased with the regulatory approval and expect to consummate the merger on June 30, 1993. The acquisition of Horizon will allow us to expand our residential lending in the Cleveland market area. Upon completion of the merger, the company will have total assets over $1.2 billion, with 69 offices in 13 states," stated Jerry D. Campbell, chairman of the board, president and chief executive officer of Republic Bancorp Inc.
 Horizon is the registered holding company for Horizon Savings Bank, a $400 million state-chartered savings bank founded in 1920. Horizon serves the greater Cleveland area through eight suburban offices.
 Under the terms of the amended agreement, Horizon shareholders will be entitled to receive two shares of Republic common stock for each share of Horizon stock and the transaction will be accounted for under the pooling of interests method of accounting.
 Republic Bancorp is a $800 million registered bank holding company with headquarters in Ann Arbor. The company currently owns eight subsidiaries with 61 offices in 13 states: Michigan, Ohio, Illinois, Indiana, Missouri, Iowa, Virginia, Maryland, Kentucky, North Carolina, Georgia, Florida and Alabama. It has become one of the region's leading providers of single-family residential mortgages. The company's common stock is traded in the over-the-counter market and quoted on The Nasdaq Stock Market under the symbol RBNC.
 -0- 6/15/93
 /CONTACT: Dana M. Cluckey of Republic Bancorp Inc., 517-725-7337/
 (RBNC HFIN)


CO: Republic Bancorp Inc.; Horizon Financial Services, Inc. ST: Michigan, Ohio IN: FIN SU: TNM

KE-ML -- DE010 -- 2072 06/15/93 11:19 EDT
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Publication:PR Newswire
Date:Jun 15, 1993
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