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REPUBLIC BANCORP INC. ACQUIRES CERTAIN ASSETS OF CALIFORNIA UNITED BANK MORTGAGE DIVISION

 ANN ARBOR, Mich., Nov. 10 /PRNewswire/ -- Republic Bancorp Inc. (NASDAQ-NMS: RBNC) announced that consistent with the terms of a previously executed definitive agreement with California United Bank, N.A. ("C.U.B.") of Encino, Calif., the company purchased C.U.B.'s mortgage origination network, its loan production offices and certain other assets. Republic did not purchase any of C.U.B.'s mortgage servicing portfolio. The total purchase price was approximately $4 million with California United Bank, N.A. entitled to additional payments through 1995, based on the profitability of the mortgage banking operation. Republic's new mortgage division will operate under the name of CUB Funding Corporation.
 C.U.B.'s mortgage division is engaged in the mortgage banking business of originating, servicing and selling mortgage loans on one- to four-family residential properties and employs approximately 100 employees. With seven offices, five located in the greater Los Angeles area (two in Calabasas and one each in Tustin, Irvine, Pasadena) and two other offices in Sacramento and San Jose, the division has closed approximately $875 million in residential mortgage loans through Oct. 31, 1993, and expects that annualized loan production will be in excess of $1 billion.
 Republic Bancorp Inc. is a registered bank holding company, with headquarters in Ann Arbor. The company has four subsidiaries with 84 offices in 16 states: Michigan, Ohio, Illinois, Indiana, Missouri, Iowa, Tennessee, Virginia, Maryland, Kentucky, North Carolina, Georgia, Florida, Alabama, Colorado and California. It has become one of the region's leading providers of single-family residential mortgages, closing approximately $3.7 billion in residential mortgages during the first 10 months of 1993. The company's common stock is traded on the NASDAQ Stock Market under the symbol RBNC.
 -0- 11/10/93
 /CONTACT: Dana M. Cluckey of Republic Bancorp, 517-725-7337/
 (RBNC)


CO: Republic Bancorp Inc.; California United Bank, N.A. ST: Michigan, California IN: FIN SU: TNM

SB -- DE022 -- 2827 11/10/93 14:24 EST
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Publication:PR Newswire
Date:Nov 10, 1993
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