Republic Bancshares to redeem 7% convertibles

New York, May 20 - Republic Bancshares Inc. said it is calling its $15 million of 7% convertible subordinated debentures due 2011.

The redemption will be on June 20 at par plus accrued interest.

Holders can convert the securities into 64.1025 shares of Republic Bancshares common stock up until the redemption date, equivalent to a conversion price of $15.60 per share. Republic Bancshares stock closed at $21.52 Monday.

The call provision was subject to a 130% hurdle, equivalent to a stock price of $20.28.

The St. Petersburg, Fla. bank holding company said its 7% convertible subordinated debentures due 2014 are not affected by the announcement.

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