Republic Bank & Trust acquires Tennessee Commerce Bank
Republic Bancorp through its subsidiary, Republic Bank & Trust Company (RB&T), has acquired all of the deposits and select assets of Tennessee Commerce Bank (TCB) of Franklin, Tennessee from the Federal Deposit Insurance Corporation (FDIC).
The deal will help Republic Bancorp to expand into the Nashville, Tennessee market.
Following the deal, RB&T will assume $1bn of the deposits of TCB, and the company has also purchased about $122m of loans and other real estate owned worth $65m.
The acquisition is being completed through a purchase and assumption agreement with the FDIC, without loss sharing agreements.
RB&T has not acquired any assets or liabilities of TCB's parent holding company, Tennessee Commerce Bancorp, or any of TCB's stock in Commerce Bancshares and Farmers Bancorp and their subsidiary banks.
Republic Bancorp noted the transaction is expected to be immediately accretive to its net income, diluted earnings per common share and book value per common share.
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