Republic Bank Expands with Acquisition of 29 NationsBank and Barnett Branches

Strategic Insights -

As part of the massive merger between NationsBank and Barnett Banks Inc., Republic Bank of St. Petersburg has acquired 29 branch buildings in Florida, marking a significant expansion of its network. The acquired branches, comprising 22 closed NationsBank branches and 7 fully functional Barnett branches, will be reopened as new Republic Bank branches early in 1999. This acquisition brings Republic Bank's network of offices to a total of 90, according to spokesman Stan R. Blakey.

Key Takeaways:

  • Republic Bank acquired 29 branches from NationsBank and Barnett Banks Inc. as part of the merger between the two Florida banks.
  • The branches acquired by Republic Bank were 22 closed NationsBank branches and 7 fully functional Barnett branches, including deposits and customers.
  • Republic Bank expanded its network of offices to a total of 90 with the acquisition of these branches.
  • Republic Bank, a $2.1 billion bank, has been bidding on Hillsborough County branches but has not received a response yet.
  • All branches acquired by Republic Bank were leased by either NationsBank or Barnett, and bids on branches that the banks owned are still pending.
  • Republic Bank acquired branches in eight Florida counties: Broward, Clay, Collier, Miami-Dade, Marion, Palm Beach, Pinellas, and Volusia.
  • The bank agreed to sell the branches it closed as part of the deal with regulators to approve NationsBank's purchase of Barnett.

Statistics:

  • Republic Bank acquired 29 branches from NationsBank and Barnett Banks Inc.
  • The acquired branches include 22 closed NationsBank branches and 7 fully functional Barnett branches.
  • Republic Bank expanded its network of offices to a total of 90 with the acquisition of these branches.
  • Republic Bank is a $2.1 billion bank.
  • The acquired branches will be reopened as new Republic Bank branches early in 1999.
  • Republic Bank acquired branches in a total of 8 Florida counties.

Sources:

  • Tampa (Source not specified in original text)
  • Republic Bank spokesman Stan R. Blakey