UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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ITEM 7.01. REGULATION FD DISCLOSURE
On January 27, 2021, the Board of Directors of Republic Bancorp, Inc. increased the Company’s existing authorization to purchase shares of its Class A Common Stock to 1,000,000 shares from the 58,423 shares remaining under its previous authorization. As of January 27, 2021, the Company had 18,712,226 shares of its Class A Common Stock and 2,198,848 shares of its Class B Common Stock issued and outstanding, with the purchase authorization representing 5.3% of its total Class A shares and 4.8% of its total Class A and Class B shares, combined.
The Board did not set a date for completing the repurchase program. The purchases are expected to be made in the open market, through block trades or otherwise, and in privately negotiated transactions. All purchases will be made at the discretion of management based upon consideration of market, business, legal, accounting, and other factors.
The Board’s action authorizes the Company to execute one or more 10b5-1 trading plans. The trading plans would allow the Company to repurchase shares at times when the Company otherwise might be prevented from doing so under insider trading laws by requiring that an agent selected by the Company repurchase shares of common stock on the Company’s behalf.
The information in this Form 8-K is being furnished under Item 7.01 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of Republic Bancorp, Inc. under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
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 Bancorp, Inc. | ||
(Registrant) | ||
Date: January 27, 2021 | By: | /s/ Kevin Sipes |
Executive Vice President, Chief Financial Officer & Chief Accounting Officer |
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Document and Entity Information |
Jan. 27, 2021 |
|---|---|
| Document and Entity Information [Abstract] | |
| Document Type | 8-K |
| Document Period End Date | Jan. 27, 2021 |
| Entity Registrant Name | REPUBLIC BANCORP, INC. |
| Entity Incorporation, State or Country Code | KY |
| Entity File Number | 0-24649 |
| Entity Tax Identification Number | 61-0862051 |
| Entity Address, Address Line One | 601 West Market Street |
| Entity Address, City or Town | Louisville |
| Entity Address, State or Province | KY |
| Entity Address, Postal Zip Code | 40202 |
| City Area Code | 502 |
| Local Phone Number | 584-3600 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Class A Common |
| Trading Symbol | RBCAA |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
| Entity Central Index Key | 0000921557 |
| Amendment Flag | false |