Gulf Coast bank sold in $32M deal

ST. PETERSBURG — Republic Bancorp Inc., parent company of Republic Bank & Trust Co., will acquire St. Petersburg-based Cornerstone Community Bank for $32.2 million.

The deal is an all-cash acquisition for outstanding common stock at Cornerstone, a subsidiary of Cornerstone Bancorp Inc.

Steve Trager, chairman and CEO of Louisville. Ky.-based Republic, says the bank has wanted to acquire a firm to expand its presence into the Tampa-St. Petersburg-Clearwater area for a long time. This acquisition will give the bank a total of six branches in the area.

Cornerstone had $243 million in assets through Sept. 30, with total loans of $183 million and deposits of $206 million.

Following the merger, David Feaster, president and CEO of Cornerstone, will become a market president for Republic (symbol: RBCAA; recent price: $25.22). The deal is scheduled to close in the first quarter of 2016.