First Central Bank to Acquire United Republic Bank

Central Bancshares, Inc., parent company of First Central Bank and First Central Bank McCook, has announced that it will acquire Republic Corporation, the parent company for United Republic Bank in Omaha. This transaction will combine assets to better capitalize on the banks’ individual strengths.

United Republic Bank (unitedrepublicbank.com) is locally owned and managed and in 2006 was the first independent community bank chartered in the Omaha area in 16 years. The bank is deeply rooted in the Omaha community and many of the employees are actively involved in a variety of charitable, civic and professional organizations. This strategic partnership will unite two organizations with similar missions of providing outstanding customer service and exceeding the expectations of customers, staff, and shareholders. The acquisition will also allow the combined bank to offer an enhanced diversification of loan portfolios.

Both companies will retain their identities and employees. The combined group of banks will have assets of approximately $330 million and $34.4 million in equity and operate a network of six (Omaha, McCook, Arapahoe, Cambridge, Edison, Curtis) locations staffed by the same friendly faces customers have banked with for years. No staff reductions will occur as a result of the acquisition. Mike Pate will continue to serve as the Chief Executive Officer of United Republic Bank and its holding company, while Don Moore will continue to serve as President & CEO of First Central Bank and First Central Bank McCook.

The transaction has been approved by the Boards of Directors of both companies and is expected to close during the fourth quarter of 2017, although delays may occur. The transaction is subject to certain conditions, including the approval by shareholders of Republic Corporation, parent company of United Republic Bank, and customary regulatory approvals.