Cases & Deals

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.