National Bank of Commerce announces merger with Republic Bank

NATCOM Bancshares, Inc., and its wholly-owned subsidiary, National Bank of Commerce (collectively “NBC”), a local community bank with an 85-year history of helping make more possible, today announced the signing of a merger agreement with Republic Bancshares, Inc., and its wholly-owned subsidiary, Republic Bank, Inc.  The transaction is expected to close before the end of 2019. Once final approval is granted by the Federal Reserve and OCC Republic Bank will officially become part of National Bank of Commerce.

“National Bank of Commerce has the opportunity — in fact, the responsibility — to stitch together the fabric of our community, and make it even stronger,” said Steve Burgess, President and CEO of NBC. “Our goal is better, not bigger. Dave Gaddie and his team are well-respected in the community and we look forward to having the Republic team join the NBC team.  This merger presents us with the opportunity to take the best of both organizations and provide superior services as one. Together, we will be able to make even more possible for our customers and our community.”

This merger helps to ensure more local dollars remain in the region and allows NBC and Republic Bank to combine their strengths and offer the best products and services to all customers.  As an economic engine for the entire region, NBC’s mission is to exceptionally enrich the communities they serve and to be a catalyst to all in achieving their individual dreams. On top of their commitment to keeping local dollars local, they are dedicated to expanding their ability to promote careers and commerce in the Twin Ports region.

Likewise, Republic Bank is also a local financial institution dedicated to helping their community reach higher. Since their founding in 1974, they have been a major source of economic stimulus for our region. NBC has great respect for the Republic Bank leadership, employees and customers, and is looking forward to collaborating with them to continue their important work as part of National Bank of Commerce.

“Through this merger, we have the opportunity to increase both of our efforts in helping the region thrive,” said James Jarocki, Chairman of the Board of NBC. “It means, together, we can support more entrepreneurs, help businesses grow, and lend a hand to people working to achieve their dreams.”

Republic Bank was founded by frozen food entrepreneur Jeno Paulucci. The Paulucci Family is pleased to announce the next step in their continuing legacy of investing in the community by merging Republic Bank with National Bank of Commerce (NBC). The Paulucci family looks forward to that important work continuing as part of National Bank of Commerce.

"My late father Jeno and mother Lois lived and breathed the local community,” said Mick Paulucci, one of Jeno’s three children. “That commitment is one of the many wonderful things they taught us. That’s why it was paramount that ownership of Republic Bank went to a trusted, steady and stable organization which would carry on the Paulucci legacy. We chose National Bank of Commerce because they are the Twin Ports largest community bank and a bank committed to serving this area."

Fredrikson & Byron, P.A. served as legal counsel and Hovde Group LLC served as financial advisor to NBC in this transaction.  Stinson Leonard Street LLP served as legal counsel and D.A. Davidson served as financial advisor to Republic.