Republic Bank & Trust Company
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| Republic Bank & Trust Company | |
|---|---|
| Type | Public NASDAQ: RBCAA |
| Founded | 1982 |
| Headquarters | Louisville, Kentucky |
| Key people | Steven E. Trager (CEO) & Bernard M. Trager (Founder & Chairman) |
| Industry | Banking |
| Products | Banking |
| Revenue | unknown |
| Employees | 678 |
| Website | www.republicbank.com |
Contents |
[edit] History
In 1977, Republic Bank of Shelby County was formed in Shelbyville, Kentucky. Five years later, in 1982, Republic Bank & Trust Company NASDAQ: RBCAA was founded and headquartered in Louisville, Kentucky. In 1983, Republic Bank & Trust Company acquired Republic Savings Bank in Benton, Kentucky. In 1994, all three banks were merged under the Republic Bank & Trust Company name.
Throughout the 1980s and 1990s the bank opened several banking centers throughout communities in Kentucky. In 1987, the bank's operations were moved to a newly constructed office tower in downtown Louisville.
In 1998, Republic Bancorp, Inc. was formed as a holding company for Republic Bank & Trust Company and an IPO of 2.14 million shares of Class A common stock was completed. The company also acquired Refunds Now, a national tax refund loan and check provider. In the mid-2000s, Refunds Now's name was changed to Tax Refunds Solutions.
In 2001, Republic Bank & Trust Company of Indiana was formed under Republic Bancorp, Inc. This Bank was merged back into the Republic Bank & Trust Company in December 2006.
In October 2006, Republic Bancorp, Inc. legally acquired GulfStream Community Bank with 2 locations around the Tampa, Florida area. In December 2006, GulfStream Community Bank was renamed Republic Bank and 1 additional banking center was opened in 2007 with plans for two more in the next 18 months.
[edit] Payday lending
In a February 17, 2006 letter to the bank, the FDIC "cited inherent risks associated with payday lending activities and asked the bank to consider ending this line of business," according to a filing with the U.S. Securities and Exchange Commission.[1]
This was prompted by a letter to the FDIC from over 80 national consumer groups complaining about Republic’s abusive practices in payday loans.[2]
[edit] Partnership
On October 23, 2007, Republic partnered with Humana to offer a Visa credit card that allows customers to have access to no interest funds for health spending. The name of the card is the HumanaAdvance card and can only be used at healthcare providers such as hospitals, doctors offices and pharmacies.[citation needed]
