Republic Bancorp subsidiary assumes all deposits and select assets of Tennessee Commerce Bank
Clients Republic Bancorp, Inc.
Jones Day advised Republic Bancorp, Inc. in the acquisition by subsidiary Republic Bank & Trust Company of substantially all of the deposits and select assets of Tennessee Commerce Bank, Franklin, Tennessee ("TCB") from the FDIC. TCB had approximately $1.2 billion of deposits and assets when it failed.
Under the terms of the transaction, Republic Bank & Trust will assume all deposits of TCB (both insured and uninsured) and acquired selected assets. Loans of approximately $122 million were acquired for a purchase price of $65 million, representing a 47% discount. Republic Bank & Trust paid no deposit premium for the deposits and did not enter into a loss sharing agreement with the FDIC.