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REPUBLIC BANCORP INC. DECLARES 20-PERCENT INCREASE IN COMMON STOCK CASH DIVIDEND

 ANN ARBOR, Mich., May 21 /PRNewswire/ -- The board of directors of Republic Bancorp Inc. (NASDAQ-NMS: RBNC), at its regular board meeting Thursday, raised the company's quarterly common stock cash dividend to $.06 per share, a 20-percent increase from the previously declared amount. This increase reflects the strength of 1993 year-to-date earnings, as well as the outlook for the remainder of 1993, and is payable July 9, 1993, to shareholders of record on June 11, 1993. The company anticipates continuing its practice of issuing an annual 10-percent common stock dividend during the fourth quarter.
 The company also announced that April 1993 was a record month for mortgage loan volume with $427 million in residential mortgage closings, an increase of 259 percent over the comparable period for the prior year. Republic had a mortgage loan "pipeline" of loan applications in process in excess of $1.1 billion at April 30. Through April 30, 1993, the company has closed over $1.1 billion in mortgage loans, an increase of 146 percent over the comparable period for the prior year. This volume makes Republic one of Michigan's leading providers of single- family residential mortgages.
 Republic Bancorp Inc. is an $800 million registered bank holding company with headquarters in Ann Arbor. The company currently owns eight subsidiaries with 59 offices in 12 states: Michigan, Ohio, Illinois, Missouri, Iowa, Virginia, Maryland, Kentucky, North Carolina, Georgia, Florida and Alabama. 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- 5/21/93
 /CONTACT: Dana M. Cluckey of Republic Bancorp, 517-725-7337/
 (RBNC)


CO: Republic Bancorp Inc. ST: Michigan IN: FIN SU: DIV

ML-KE -- DE010 -- 1165 05/21/93 11:20 EDT
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Publication:PR Newswire
Date:May 21, 1993
Words:285
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