Monday March 1, 10:10 am Eastern Time
Company Press Release
SOURCE: Republic Security Financial Corporation
Republic Security Financial Corporation's Acquisition Of Northside Bank Of Tampa Complete
WEST PALM BEACH, Fla., March 1 /PRNewswire/ -- Republic Security Financial Corporation (Nasdaq: RSFC - news), a West Palm Beach, Florida-based holding company and parent to Republic Security Bank (''Republic'') announced today the acquisition of Northside Bank of Tampa (''Northside''), by RSFC, was consummated. Shareholders of Northside approved the transaction on Friday, February 26, 1999. Northside is a commercial bank headquartered in Tampa, Florida with two branch locations in Tampa. Northside has total assets of $73 million, total loans of $39 million, total deposits of $63 million and total equity of $9.5 million. With this merger, Republic establishes its central and west Florida strategic center. The largest, independent community bank headquartered in Florida, Republic Security Bank now operates 94 branches throughout Florida.
The transaction was accounting for as a pooling of interests and RSFC issued approximately 2.5 million shares of its common stock for all outstanding shares of Northside. Northside shareholders received 3.64 shares of RSFC stock for each share of Northside common stock.
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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