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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) July 8, 1999
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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
of incorporation) 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 July 1, 1999, the Company announced that the Board of Directors has
completed its evaluation of strategic alternatives and determined that
it was in the best interests of the shareholders to remain independent
for the foreseeable future. The content of the report is comprised of
the press release text relating to this matter included in this filing
as Exhibit 99. 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.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
EXHIBITS
99. Press release dated July 1, 1999.
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SIGNATURES
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.
(Registrant)
Date: July 8, 1999 By: /s/ William R. Falzone
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William R. Falzone
Treasurer
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EXHIBIT 99.0
PRESS RELEASE
DATE: July 1, 1999
CONTACT: Alfred T. May, Chairman, President & CEO
or
William R. Falzone, Chief Financial Officer
(727) 823-7300
FOR IMMEDIATE RELEASE
St. Petersburg, Florida (July 1, 1999) -- Republic Bancshares Inc.
(Nasdaq: REPB), parent company of Republic Bank, today announced that its Board
of Directors, after completing a comprehensive review of strategic alternatives
with its investment banker, has determined that it would be in the best
interests of the Company's shareholders for the Company to remain independent
for the foreseeable future. The Board has directed Republic's management team
to continue pursuing the goals of the Company's business plan as outlined at
Republic's annual meeting of shareholders. That business plan calls for a focus
on commercial, consumer and small business lending while improving the
Company's overall operating efficiency.
Alfred T. May, President of the Bank, stated, "I am pleased with the
progress the Bank has made during the first half of 1999 and the dedication and
hard work of our staff toward achieving our goals."
The Company also reported that it has completed the opening of 24 new
branches in Pinellas, Collier, Marion, Broward, Volusia, Dade, Palm Beach,
Hillsborough and Lee counties, bringing the total number of branch offices to
82. Total deposits at those new branches are $136 million. The Company has
implemented its small business lending program, featuring centralized
underwriting, with representatives in six key Florida markets. Loan demand in
the Company's corporate banking and consumer lending operations remains strong
with new loan originations approximating $155 million for the first five months
of 1999. The Company has completed the restructuring of its mortgage banking
operations, reducing the number of employees in that function from 736 at the
end of 1998 to 138 currently. The Company plans further expense reductions in
all areas during the last half of 1999.
