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REPUBLIC BANCORP REDEEMS SERIES A PREFERRED STOCK AND 8 1/2 PERCENT DEBENTURES

 REPUBLIC BANCORP REDEEMS SERIES A PREFERRED STOCK
 AND 8 1/2 PERCENT DEBENTURES
 ANN ARBOR, Mich., July 2 /PRNewswire/ -- The Board of Directors of Republic Bancorp Inc. (NASDAQ-NMS: RBNC) approved the Aug. 3, 1992, redemption of all outstanding $2.25 Series A Convertible Preferred Stock and 8 1/2 percent Convertible Subordinated Debentures due June 1, 1996. Holders of the Series A Preferred Stock are entitled to receive payment of $26.11 upon surrender of each share, representing the $25 stated value, a $1 redemption premium and the unpaid dividend for the July 15, 1992, through Aug. 2, 1992, dividend period of $.11. Holders of the Debentures are entitled to receive payment of $1,054.64 upon the surrender of each Debenture, representing the $1,000 principal amount, a $40 redemption premium and interest of $14.64 for the period from June 1, 1992, through Aug. 2, 1992.
 Holders of the Series A Preferred Stock and Debentures are entitled to convert into Republic Bancorp Common Stock until the close of business on Friday, July 31, 1992, after which date the right to convert will terminate. The Series A Preferred Stock and Debentures are convertible into Republic Common Stock under the following exchange ratios:
 Series A Preferred Stock: 3.28 shares of Common Stock for each
 share of Series A Preferred Stock
 8 1/2 Percent
 Convertible Debentures: 131.23 shares of Common Stock for
 each $1,000 of Debentures
 The price reported for the last sale of Republic Bancorp Common Stock on the NASDAQ National Market System on July 1, 1992, was $8.75 per share. At that stock price, each Series A Preferred share would be convertible into Common Stock having a market value of $28.70 and each $1,000 of principal amount of Debentures would be convertible into Common Stock having a market value of $1,148.26. Holders of both the Series A Preferred Stock and Debentures will receive written notice and instructions relating to the redemption and conversion.
 This redemption was anticipated in conjunction with the company's recent $10 million public Common Stock offering. A portion of the proceeds of that offering will be used to redeem Series A Preferred Stock and Debentures, thereby eliminating the related interest and dividend cost and simplifying the capital structure of the company. Presently, Republic's equity to total assets ratio exceeds 9 percent and total risk-based capital ratio is 13.8 percent. It is anticipated these ratios will remain in excess of industry guidelines after this redemption.
 Republic Bancorp Inc. is a $549 million registered bank holding company with headquarters in Ann Arbor. The company owns seven subsidiaries: Republic Bank with offices in Flint Township, Grand Blanc and Owosso; Republic Bank Ann Arbor; Republic Bank - Central with six offices in the Lansing area; Republic Bank - North with five offices in the Traverse City area; Republic Bank S.E. in Bloomfield Hills, Grosse Pointe Farms and Mount Clemens; Premier Bancorporation, Inc., with eight offices in the Jackson area and one office in Kalamazoo; and Republic Bancorp Mortgage Inc. of Farmington Hills, Mich. Republic Bancorp Mortgage Inc. has six offices in Michigan and one each in West Des Moines, Iowa; Westlake, Ohio; and Mount Laurel, N.J.
 Republic Bancorp Inc. Common Stock is traded in the over-the-counter market and quoted on the NASDAQ National Market System under the symbol RBNC.
 -0- 7/2/92
 /CONTACT: Dana M. Cluckey of Republic Bancorp Inc., 517-725-7337/
 (RBNC) CO: Republic Bancorp Inc. ST: Michigan IN: FIN SU:


JG-SB -- DE035 -- 6330 07/02/92 16:42 EDT
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Publication:PR Newswire
Date:Jul 2, 1992
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