Given that a number of people have reacted with - let's nicely call it curiousity - to the news about Republic's proposed credit product, I want to spend a few moments going over details in their October 18th filing which
should add some clarity to their business plans.
Setting Up the Background
As a pretext to that, it is important to understand the specifics of Republic Bank's corporate structure.
There are three names within the Republic Bank universe. The parent institution is Republic Bancorp.
It has two subsidiaries: Republic Bank & Trust and Republic Bank.