BEACHWOOD, Ohio - Republic Bancorp's acquisition of Horizon Financial Services Inc. has been approved by Federal Reserve Board, Horizon said.

The company said it expects the transaction to be consummated June 30.

Horizon, which has $400 million in assets, said it expects Republic's expertise in residential mortgage financing to increase market share in the Cleveland area.

The combined company will have assets of $1.2 billion and 69 offices in 13 states. Horizon will operate as a subsidiary of Republic, which is based in Ann Arbor, Mich.

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