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REPUBLIC BANCORP REPORTS COMPLETION OF HORIZON ACQUISITION

 ANN ARBOR, Mich., June 30 /PRNewswire/ -- Republic Bancorp Inc. (NASDAQ-NMS: RBNC) today announced that the acquisition of Horizon Financial Services, Inc., Beachwood, Ohio, was completed.
 Horizon is the registered holding company for Horizon Savings Bank, a $400 million state-chartered savings bank founded in 1920. Horizon serves the greater Cleveland area through eight suburban offices. Under the terms of the amended agreement, Horizon shareholders received two shares of Republic common stock for each share of Horizon stock.
 "We are pleased to have completed the merger with Horizon, a well- capitalized thrift located in the Cleveland area. The acquisition of Horizon will allow us to expand our residential mortgage lending in the strong Cleveland market area. After the merger, Republic has total assets of $1.2 billion, with 70 offices located in 13 states," stated Jerry D. Campbell, chairman of the board, president and chief executive officer of Republic Bancorp Inc.
 Republic Bancorp Inc. is a registered bank holding company with headquarters in Ann Arbor. The company currently owns nine subsidiaries with banking and loan production offices in 13 states: Michigan, Ohio, Illinois, Indiana, Missouri, Iowa, Virginia, Maryland, Kentucky, North Carolina, Georgia, Florida and Alabama. It has become one of the region's leading providers of single-family residential mortgages and anticipates closing approximately $2 billion in residential mortgages during the first six months of 1993. 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- 6/30/93
 /CONTACT: Dana M. Cluckey of Rephblic Bancorp Inc., 517-725-7337/
 (RBNC)


CO: Republic Bancorp Inc.; Horizon Financial Services, Inc. ST: Michigan, Ohio IN: FIN SU: TNM

DD -- DE023 -- 7314 06/30/93 16:15 EDT
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Publication:PR Newswire
Date:Jun 30, 1993
Words:281
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