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REPUBLIC AMENDS HORIZON OFFER

 REPUBLIC AMENDS HORIZON OFFER
 ANN ARBOR, Mich., Oct. 16 /PRNewswire/ -- Horizon Financial


Services, Inc. (NASDAQ-NMS: HFIN), Beachwood, Ohio, and Republic Bancorp Inc. (NASDAQ-NMS: RBNC), Ann Arbor, today announced that they are engaged in discussions concerning adjustments to the structure and price of the proposed merger between the two companies.
 A spokesman for Republic indicated that the financial synergies and cost savings associated with the merger could be less than Republic originally anticipated and that Republic has proposed to restructure the transaction. Under the terms of Republic's new proposal, Horizon shareholders would 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 interests" method of accounting. Spokesmen for both Horizon and Republic stressed that there can be no assurance that a new agreement will be reached.
 Horizon is a $379 million 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 is a $626 million bank holding company which currently owns seven subsidiaries with 39 offices in six states and has become one of the leading sources of single-family residential mortgages in Michigan.
 -0- 10/16/92
 /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 -- DE011 -- 0838 10/16/92 10:06 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
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