Republic Bancorp puts off $20 million convertible trust preferreds

By Jennifer Chiou

New York, March 12 - Republic Bancorp Inc. made the decision not to proceed with its planned offering of up to $20 million of convertible preferred securities of a wholly owned statutory trust in the near term, according to a 10-K filing with the Securities and Exchange Commission.

On Dec. 9, the company announced plans to price the preferreds to yield 5% with an initial conversion premium of about 56%.

In its previous announcement, the company said that holders of the unregistered trust preferred securities would be able to convert the securities into shares of the company's class A common stock at a conversion price of $30 per share.

Proceeds were to be used by the Capital Trust to invest in the company's subordinated debentures and ultimately to support business growth and for general corporate purposes.

Louisville, Ky.-based Republic Bancorp is the bank holding company for Republic Bank, which has 36 locations in Kentucky as well as five branches in Florida, Indiana and Ohio.

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