Federal Reserve approves $32M bank purchase

ST. PETERSBURG — Republic Bancorp Inc., a Kentucky-based financial holding company, received approval for its $32.3 million purchase of St. Petersburg-based Cornerstone Bancorp Inc.

Republic announced the cash purchase in a press release in October, and the deal was approved in a May 2 order from the Federal Reserve.

After closing, Cornerstone Community Bank in St. Petersburg will merge into a Republic Bank & Trust Co., the release says.

Cornerstone Bancorp has $241.2 million in assets, the order says. It is the controlling company of Cornerstone Bank, the 138th largest insured depository institution in Florida.

Republic Bancorp has approximately $4.1 billion in assets, according to the order. It is the 263rd largest depository organization in the United States. Following the acquisition, Republic will move up six spots and become the 257th largest depository organization.