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.

"We're very excited with the potential in our stock," said Mr. Cluckey, who noted that Republic insiders-including directors-now control 28% of the $2.2 billion-asset company's stock.

Bank analyst Michael M. Moran applauded the program.

"It speaks volumes when the management is a major shareholder and keeps buying," said Mr. Moran of Roney Capital Markets in Detroit. "There is probably no better confirmation of confidence in the company."

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