Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

REPUBLIC BANCORP, INC.

(RBCA.A)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

REPUBLIC BANCORP INC /KY/ : Other Events (form 8-K)

10/05/2021 | 09:29am EST

Item 8.01. Other Events

On May 13, 2021, Republic Bank & Trust Company (the "Bank"), a subsidiary of Republic Bancorp, Inc. (the "Company"), entered into an Asset Purchase Agreement (the "Purchase Agreement") with Green Dot Corporation ("Green Dot") providing for the purchase by Green Dot, upon the terms and subject to the conditions set forth therein, of substantially all of the assets and operations of the Bank's Tax Refund Solutions business (the "Sale Transaction").

On August 4, 2021, the Company disclosed that Green Dot had delayed the closing of the Sale Transaction, following a request to Green Dot from its primary regulator for information relating to the Sale Transaction and Green Dot's subsequent decision to seek from its primary regulator the approval of or non-objection to, as applicable, the Sale Transaction before its consummation.

Green Dot has informed the Bank that it will not close the Sale Transaction due to undisclosed issues with its primary regulator. The Purchase Agreement provides that the closing of the Sale Transaction is subject solely to the satisfaction or waiver of the customary conditions set forth in the Purchase Agreement, all of which the Company believes have been satisfied. Because Green Dot failed to disclose the existence of any regulatory issues that would cause a delay in closing along with its representation that receipt of its primary regulator's approval or non-objection is not a contractual condition to closing as set forth in the Purchase Agreement, on October 5, 2021, the Bank filed a lawsuit against Green Dot in the Delaware Court of Chancery alleging breach of contract. In so doing, the Bank seeks, among other relief, specific performance to require that Green Dot proceed with the Sale Transaction as the parties had agreed to in the Purchase Agreement.

Due to the inherent uncertainties of legal proceedings, the Company cannot predict the outcome of these proceedings at this time.

© Edgar Online, source Glimpses

All news about REPUBLIC BANCORP, INC.
12/03REPUBLIC BANCORP INC /KY/ : Other Events (form 8-K)
AQ
11/18REPUBLIC BANCORP INC /KY/ : Regulation FD Disclosure (form 8-K)
AQ
11/17REPUBLIC BANCORP : Declares Common Stock Dividends - Form 8-K
PU
11/17REPUBLIC BANCORP INC /KY/ : Regulation FD Disclosure, Financial Statements and Exhibits (f..
AQ
11/17Republic Bancorp, Inc. Declares Common Stock Dividends, Payable on January 21, 2022
CI
11/05REPUBLIC BANCORP INC /KY/ Management's Discussion and Analysis of Financial Condition ..
AQ
10/27Republic Bank Directors Recognized as 2021 Most Influential Black Corporate Directors
BU
10/22REPUBLIC BANCORP : Reports Higher Q3 Earnings, Revenue Falls
MT
10/22REPUBLIC BANCORP : Reports 7% Increase in Third Quarter Net Income from Continuing Operati..
PU
10/22REPUBLIC BANCORP, INC. : Reports 7% Increase in Third Quarter Net Income from Continuing O..
BU
More news
Financials (USD)
Sales 2021 201 M - -
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 12,9x
Yield 2021 2,30%
Capitalization 1 082 M 1 082 M -
Capi. / Sales 2021 5,38x
Capi. / Sales 2022 5,83x
Nbr of Employees 1 094
Free-Float 45,2%
Chart REPUBLIC BANCORP, INC.
Duration : Period :
Republic Bancorp, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends REPUBLIC BANCORP, INC.
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 1
Last Close Price 53,54 $
Average target price 57,00 $
Spread / Average Target 6,46%
EPS Revisions
Managers and Directors
Logan M. Pichel President, Chief Executive Officer & Director
Kevin D. Sipes CFO, Treasurer, Chief Accounting Officer & EVP
Steven E. Trager Executive Chairman
Michael T. Rust Independent Director
Susan Stout Tamme Independent Director
Sector and Competitors