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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) March 20, 2000
REPUBLIC BANCSHARES, INC.
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(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 March 8, 2000, the Board of Directors of the Company announced the
appointment of Mr. William R. Klich as President and Chief Executive Officer of
the Company and the Bank, effective March 15, 2000. The Company also announced
that operational deficiencies in its Warehouse Lending department, which makes
loans to mortgage originators secured by an inventory of loans held for sale,
had come to its attention. 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 our management, as well as
assumptions made by, and information currently available to, our 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 us and our operations.
Exhibit 99
Press Release Dated March 8, 2000
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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: March 20, 2000 By: /s/ William R. Falzone
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William R. Falzone
Treasurer
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Exhibit 99
REPUBLIC BANCSHARES, INC.
PRESS RELEASE
DATE: March 8, 2000
CONTACT: Alfred T. May, President and CEO (ext. 3341) or
William R. Falzone, Chief Financial Officer (ext. 3396)
(727) 823-7300
FOR IMMEDIATE RELEASE
REPUBLIC BANCSHARES, INC. ANNOUNCES APPOINTMENT OF WILLIAM R. KLICH AS PRESIDENT
AND CHIEF EXECUTIVE OFFICER
St. Petersburg, Florida, March 8, 2000 - The Board of Directors of Republic
Bancshares Inc. (the "Company", Nasdaq: REPB) and its principal subsidiary
Republic Bank (the "Bank") today announced the appointment of Mr. William R.
Klich as President and Chief Executive Officer of the Company and the Bank,
effective March 15, 2000. The appointment of Mr. Klich completes an executive
search process announced by the Company on November 19, 1999.
Company Chairman William R. Hough and the Bank's current President & Chairman
Alfred T. May stated, "Bill Klich brings to Republic 30 years of experience in
commercial banking and has a proven track record of success as a chief
executive. We look forward to his leadership and vision as the Company moves
forward into the year 2000 and beyond."
Mr. Klich, 55, has career experience in all aspects of financial service
management as the chief executive, and at the corporate, regional, division
head, group head and commercial lending officer levels. He has directed all
phases of independent financial institution activities, internal and external,
as well as having participated for 18 years in all levels of management of a
multi-market, regional bank holding company. In 1990, Mr. Klich was hired as CEO
of Coast Bank, FSB, located in Sarasota, Florida, where he oversaw the
transition of the $1.2 billion institution from a thrift to a commercial
bank-oriented operation. After Coast Bank was acquired by SunTrust Banks in
mid-1993, Mr. Klich remained with SunTrust Bank, Gulf Coast, as its Corporate
Banking Executive. In early 1996 he was promoted to his current position as
Chairman and Chief Executive Officer of the $2.4 billion SunTrust Bank, Gulf
Coast, serving Manatee, Sarasota and Charlotte Counties. It is one of the
highest-performing banks in the SunTrust organization.
Born in Coral Gables, Florida, Mr. Klich is a graduate of The Citadel and holds
an MBA from Georgia State University. He is a graduate of The Executive Program
at the Darden Graduate Business School, University of Virginia, and a former
U.S. Air Force Captain.
Mr. Klich will be appointed to the Bank's board of directors effective March 15,
2000, and is expected to become a member of the Company's board of directors at
its annual stockholders meeting in April 2000. Messrs. Hough and May will
continue to serve as the Chairman of the Company's board of directors and as
Chairman of the Bank's board of directors, respectively.
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Other Matters
In another matter, the Company announced that in recent weeks operational
deficiencies in its warehouse lending department, which makes loans to mortgage
originators secured by an inventory of loans held for sale, had come to its
attention. Management is instituting workout plans for several borrowers that
may include an amended repayment schedule, substitute collateral, additional
collateral or a combination thereof. Based on information the Company has at
this time, it is uncertain as to whether it will incur any losses on its
warehouse loans or, if so, the extent of any losses that may be incurred. At
this time, management believes that its allowance for loan losses at December
31, 1999 was adequate.
The common stock of Republic Bancshares is traded on the Nasdaq National Market
under the trading symbol "REPB." Through its banking subsidiary, Republic Bank,
the Company operates 81 full service banking offices throughout Florida and at
$2.57 billion in total assets is one of the largest banking organizations
headquartered in Florida. The Bank offers Internet banking services at its
website address, www.republicbankfl.com.
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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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