Friday December 11, 5:44 pm Eastern Time
Company Press Release
SOURCE: Republic Security Financial Corporation
Republic Security Financial Corporation's Acquisition of Newberry Bank Complete
WEST PALM BEACH, Fla., Dec. 11 /PRNewswire/ -- Republic Security Financial Corporation (Nasdaq: RSFC - news), a West Palm Beach, Florida-based bank holding company and parent to Republic Security Bank announced today the acquisition of Newberry Bank and its merger into its wholly owned subsidiary Republic Security Bank was consummated. Shareholders of Newberry approved the transaction on September 23, 1998. Newberry is a Florida state commercial bank headquartered in Newberry, Florida with one branch location in Ocala, Florida. At June 30, 1998, Newberry had total assets of $37 million, loans of $28 million, deposits of $33 million and stockholders' equity of $2.4 million. This merger expands Republic's franchise into Alachua and Marion counties in central Florida. The largest, independent commercial bank headquartered in Florida, Republic Security Bank now operates 92 branches throughout Palm Beach, Broward, Dade, Martin, Lee, Hillsborough, Orange, Alachua and Marion counties.
The purchase price for Newberry was approximately $4.8 million in cash. The transaction will be accounted for as a purchase business combination.
Republic Security Financial Corporation with total assets of $3.0 billion operates 92 full service banking offices and is headquartered in Palm Beach County, Florida. The acquisition of Newberry represents its ninth acquisition since 1992.
Republic Security Financial Corporation's common stock is traded on the Nasdaq National Market System under the symbol RSFC.
SOURCE: Republic Security Financial Corporation
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