Republic Bancorp in Louisville, Ky., has agreed to buy CBank in Cincinnati.
The $6 billion-asset Republic said in a press release that it will pay $51 million in cash for the parent of Commercial Industrial Finance. CIF, based in St. Louis, provides equipment leasing and financing to businesses nationwide.
The deal is expected to close in the first quarter.
CBank has $271 million of assets, $214 million of loans and $240 million of deposits.
“We believe the combination of our existing high-performing, community-minded team in greater Cincinnati with CBank’s team will create an unparalleled financial services organization in the market that is second to none,” Logan Pichel, Republic Bank’s president and CEO, said in the release.
The acquisition of “will greatly expand our existing leasing operations and provide a national footprint for these services,” Pichel added.
Dean Meiszer, CBank’s CEO, will consult for Republic on merger integration, customer relations, incremental product roll outs and business development. Scott Hawkins, CIF president and CEO, will continue to lead the business unit.
Piper Sandler and Frost Brown Todd advised Republic. Raymond James and Dinsmore & Shohl advised CBank.