ST. PETERSBURG, Fla. Republic Bancshares Inc. last week said that it will pay $300,000 to settle a lawsuit filed against it in November 1999 by 18 former shareholders of Bankers Savings Bank FSB in Coral Gables, which Republic bought in 1998.
The plaintiffs charged that, before the acquisition, Republic failed to disclose a loss that resulted from a now-discontinued mortgage banking operation, according to a document filed this month with the Securities and Exchange Commission. They had claimed damages of more than $1 million, the document said.
Republic said the $300,000 will be recorded in second-quarter earnings. Further terms of the settlement were not disclosed.