To show that management and shareholders' interests are closely tied, executives at Republic Bancorp in Ann Arbor, Mich., invested $1.5 million of their own money in the company's stock this month.

Thirty-three of the company's top executives, including chairman Jerry D. Campbell and president Dana M. Cluckey, bought 125,000 shares-the maximum allowed for the year under an ongoing program. The managers also bought 66,000 shares in June as part of last year's initiative.

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