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REPUBLIC BANCORP INC. ANNOUNCES DEFINITIVE AGREEMENT TO ACQUIRE CERTAIN ASSETS OF CALIFORNIA UNITED BANK MORTGAGE DIVISION

 ANN ARBOR, Mich., Oct. 25 /PRNewswire/ -- Republic Bancorp Inc. (NASDAQ-NMS: RBNC) announced that on Oct. 22, 1993, they executed a definitive agreement with California United Bank, N.A. ("C.U.B.") of Encino, Calif., to purchase certain assets of its mortgage banking division. The agreement provides for the purchase by Republic of C.U.B.'s mortgage origination network, its loan production offices and certain other assets. Republic is not purchasing any of the division's mortgage servicing portfolio. The total purchase price is estimated to aggregate approximately $3.75 million and will be paid in cash at closing, which is expected to occur within 30 days. In addition, California United Bank, N.A. may be entitled to additional payments through 1995, based on the profitability of the mortgage banking division. The companies have previously announced signing a letter of intent.
 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. C.U.B. Mortgage employs approximately 100 employees in its six offices, four located in the greater Los Angeles area and two other offices in Sacramento and San Jose. Through Sept. 30, 1993, the division has closed $750 million in residential mortgage loans and expects that annualized loan production will be approximately $1 billion.
 Republic Bancorp Inc. is a registered bank holding company with headquarters in Ann Arbor. The company has four subsidiaries with 77 offices in 15 states: Michigan, Ohio, Illinois, Indiana, Missouri, Iowa, Virginia, Maryland, Kentucky, North Carolina, Georgia, Florida, Colorado, Tennessee and Alabama. It has become one of the region's leading providers of single-family residential mortgages, closing approximately $3.2 billion in residential mortgages during the first nine months of 1993. The company's common stock is traded on the NASDAQ Stock Market under the symbol RBNC.
 -0- 10/25/93
 /CONTACT: Thomas F. Menacher of Republic Bancorp, 517-725-7004/
 (RBNC)


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

ML -- DE016 -- 6214 10/25/93 10:33 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
Words:344
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