American Bancorp in Ga. sells New Republic charter to Florida group

American Bancorp in Macon, Ga., has sold the charter of New Republic Bank in Charlotte, N.C., to a Florida investor group.

Juno Bancorp in Palm Beach Gardens, Fla., applied in June to become a bank holding company by acquiring New Republic. American Bancorp announced the completed sale on Oct. 1; the price was not disclosed.

New Republic’s Charlotte branch and its core clients stay with the $491 million-asset American Pride Bank, which rebranded them in July. Clients keep their bankers at the same location on East Morehead Street.

American Bancorp bought New Republic in an all-stock deal that closed last November. At that time, New Republic had $196.7 million in assets. The company had planned to rebrand the bank as American Pride after a systems integration.