National Bank Of Commerce + Republic Bank To Merge
Two financial institutions that have significant ties to our region have announced that they are merging operations. Republic Bank is set to become part of the National Bank of Commerce family as soon as the transaction is approved by the Feds. According to our news partner WDIO, the information was released to the general public on July 8.
As they stand right now - before the merger - both financial institutions play a significant role in both the history and the economy of the Northland. The National Bank of Commerce is currently the largest local bank in the area - only to get bigger once the transaction is complete. Meanwhile, Republic Bank traces its beginnings to local food magnate Jeno Paulucci; the Paulucci family has continued to operate the bank, and now says that the move is on good standing:
"My late father Jeno and mother Lois lived and breathed the local community," said Mick Paulucci, one of Jeno’s three children, in a news release. "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."
The National Bank of Commerce will operate a dozen different locations once the move is final.