ANN ARBOR, Mich. -- Republic Bancorp Inc. said its board raised the quarterly cash dividend by a cent, to 6 cents a share.

The 20% increase reflects the strength of earnings and the outlook for the rest of the year, Republic Bancorp said. The dividend is payable July 9 to shareholders of record on June 11.

The company also said it expects to continue its annual practice of issuing a 10% common stock dividend in the fourth quarter.

Republic said it closed over $1.1 billion in mortgages in the first four months of this year, an increase of 146% from the 1992 period.

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