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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 10, 1999
REPUBLIC BANCSHARES, INC.
(Exact Name of registrant as specified in its charter)
Florida 0-27652 59-1463900
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(State or other jurisdiction) (Commission (IRS Employer
File Number) identification No.)
111 Second Avenue N.E.
St. Petersburg, FL 33701
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(Address of principal executive offices)
Registrant's telephone number, including area code (727) 823-7300
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On November 3, 1999, Republic Bancshares, Inc. (the "Company") was served with
a complaint filed by 18 former shareholders of Bankers Savings Bank, F.S.B., a
federal savings bank located in Coral Gables, Florida and which Republic
Bancshares, Inc. acquired by way of merger on November 4, 1998. The complaint
names the Company as a defendant and has been filed in circuit court for
Miami-Dade County, Florida. The complaint alleges that the Company knew prior
to the closing of the merger transaction, but never disclosed to the public or
to the stockholders of Bankers Savings Bank, that it was going to incur a
substantial loss in the fourth quarter of 1998 as a result of operating losses
incurred by the mortgage banking division of Republic Bank, the Company's
principal banking subsidiary. The complaint further alleges causes of action
for unspecified damages based upon breach of contract, fraud and violations of
the Florida Statutes governing securities transactions. The Company believes
that the complaint is without merit and intends to vigorously defend against
all allegations.
Statements in this release may constitute forward-looking statements that are
based on the current beliefs and expectations of the Company's management, as
well as assumptions made by, and information currently available to, the
Company's management. Forward-looking statements are based largely on
expectations and are subject to a number of risks and uncertainties including
but not limited to economic, competitive and other factors affecting the
Company and its operations.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
REPUBLIC BANCSHARES, INC.
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(Registrant)
Date: November 10, 1999 By: /s/ William R. Falzone
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William R. Falzone
Treasurer
