ANN ARBOR Republic Bancorp said it will acquire two branches and $21 million in deposits from Standard Federal Bank of Troy, Mich. for an undisclosed sum.
Under the terms of the agreement, Republic Bank will acquire the deposits at the Owosso, Flushing and Flint Township branches of Standard Federal, along with offices in Owosso and Flushing.
The transaction is pending regulatory approval and is expected to be completed by the end of the first quarter of 1995.
Standard Federal Bank has assets of $11.9 billion, operates 170 banking centers and ten home lending centers in Michigan's lower peninsula, Northern Indiana and Northwestern Ohio.
Republic Bancorp Inc. is a $1.4 billion-asset registered bank holding company, with headquarters in Ann Arbor.