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LOUISVILLE, Ky. — A major Louisville bank will soon have a new direct leader.
Republic Bank and Trust Bankwest issues. announced Wednesday that Logan Pichel, the bank's current president, will also be its CEO starting on Oct. 1.
The move is part of a planned succession, the company said, and Pichel also has been elected to the board of the bank and the board of its parent company, Republic Bancorp Inc.
Meanwhile, Steve Trager — the current Republic Bank chair and CEO — will be the executive chair of both the bank and Republic Bancorp Inc. and retain his position as CEO of the latter.
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Per a news release from the company, "these changes are designed to ensure a smooth transition — continuity of leadership for associates, a focus on delivering high-quality service to bank customers, strong financial performance for shareholders and a continued commitment to the communities Republic serves."
Trager said in a statement that Pichel's "leadership and influence has enhanced every aspect of the Bank’s culture and operations since joining the Republic team as President 15 months ago."
"I am excited for the next phase in the growth of Republic as I continue to work closely with him in his new role, and with senior management, as we enable our associates, our clients and the communities we serve to thrive," Trager said.
Scott Trager will continue in his role as vice chair of the bank and vice chair and president of its parent company.
Founded in 1982, Republic has become the largest bank fast times at ridgemont high pool in Kentucky. The bank has 42 full-service banking centers throughout five states, including a combined 28 in eight Kentucky communities.
Pichel said in a statement Wednesday that "what Steve and Scott Trager have done for the Bank, and what the Trager family has done for our communities, are models for anyone who wants to make an republic trust and bank so grateful to be able to work with Steve and the entire executive team as we continue to grow the Bank and the culture of caring they have built – caring for the Bank and its clients and associates and caring for the communities it serves," he said.
"I'm also looking forward to my new role on the boards, working with Steve and our fellow directors as we help guide Republic’s future."
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Contact Ben Tobin at [email protected] and 502-377-5675 or follow on Twitter @Ben__Tobin.
Republic Bank & Trust Company
This article is about the Louisville, Kentucky bank. For the Trinidad and Tobago bank, see Republic Bank. For the Philadelphia-based bank, see Republic First Bancorp.
Republic Bank & Trust Company is a Louisville, Kentucky-based bank.
In 1977, Republic Bank of Shelby County was formed in Shelbyville, Kentucky. Five years later, in 1982, Republic Bank & Trust Company was founded and headquartered in Louisville, Kentucky. In 1983, Republic Bank & Trust Company acquired Republic Savings Bank in Benton, Kentucky. In 1994, all three banks were merged under the Republic Bank & Trust Company name.
Throughout the 1980s and 1990s the bank opened several banking centers throughout communities in Kentucky. In 1987, the bank's operations were moved to a newly constructed office tower in downtown Louisville.
In 1998, Republic Republic trust and bank, Inc. was formed as a holding company for Republic Bank & Trust Company and an initial public offering of 2.14 million shares of Class A common stock was completed. The company also acquired Refunds Now, a national refund anticipation loan and check provider. In the mid-2000s, Refunds Now's name was changed to Tax Refunds Solutions.
In 1999, Republic Bank started Online Banking Operations, as part of the larger trend of expansion of electronic commerce.
In 2001, Republic Bank & Trust Company of Indiana was formed under Republic Bancorp, Inc. This bank was merged back into the Republic Bank & Trust Company in December 2006.
In the mid 2000s, Republic Bank and Trust began to issue its own title insurance policies as part of its own real estate transactions, as part of republic trust and bank verdict of Countrywide Home Loans Inc. v. Kentucky Bar Ass'n., which established that the issuing of title insurance was not the practice of law.
In October 2006, Republic Bancorp acquired Tampa, Florida-based GulfStream Community Bank for $18.1 million.
In January 2012, Republic Bancorp acquired Tennessee Commerce Bank.
In September 2012, Republic Bancorp acquired First Commercial Bank in Bloomington, MN.
In recent years Republic has been recognized in the industry for its performance. In 2009 Sandler O'Neil listed Republic as the 10th best performing bank Over $3 billion in assets, and in 2010 ranked 5th overall in the same list. Republic has been ranked #1 out of 155 mid-size banks by Freddie Mac in 2009 for its servicing of mortgage loans.
Critics charge that Republic uses aggressive marketing techniques to promote high-interest loans, such as payday loans and tax republic trust and bank anticipation loans to "hard-up borrowers". In a February 17, 2006, letter to the bank, the Federal Deposit Insurance Corporation (FDIC) "cited inherent risks associated with payday lending activities and asked the bank to consider ending this line of business," according to a filing with the U.S. Securities and Exchange Commission. This was prompted by a letter to the FDIC from over 80 national consumer groups complaining about Republic's abusive practices in payday loans.
Half of Republic's income for the first nine months of 2008 was attributed to fees and interest associated with making refund anticipation loans.
Republic Bank & Trust Company operates banking centers in 5 republic trust and bank Kentucky, Tennessee, Ohio, Indiana, and Florida.
Republic Bank and Trust Co. announces new CEO as current leader transitions roles
Republic Bank & Trust in Kentucky names new CEO
Republic Bank & Trust Co. in Louisville, Kentucky, will soon promote its president, Logan Pichel, to the CEO office.
The $6.2-billion asset bank said Wednesday that, as part of a previously telegraphed succession plan, Pichel will add the title of CEO on Oct. 1, succeeding Steve Trager.
Pichel was also elected to the bank’s board, as well as the board of its parent company, Republic Bancorp.
Trager will transition from the role of board chairman and CEO of the bank to the position of executive chair. He will remain CEO of the bank’s parent company and continue to lead its board.
The company said in a press release that the changes were designed to ensure a smooth transition of leadership.
“Logan's leadership and influence has enhanced every aspect of the bank’s culture and operations since joining the Republic team as president 15 months ago," Trager said. "I am excited for the next phase in the growth of Republic as I continue to work closely with him in his new role, and with senior management.”
Pichel joined Republic in 2020 from Regions Financial in Birmingham, Alabama, where he led corporate development, financial planning and analysis, and mergers and acquisitions.
Republic Bank was once the largest bank in Texas. The company, founded in 1920 by Eugene DeBogory, a graduate of the University of Texas law school as the Guaranty Bank and Trust Company, promised expanded operating hours for working people. Its earliest significant officer was Fred Florence, who rose from janitor to president of an Alto, Texas, state bank, and established a relationship with Guaranty that led to his hiring at that firm in the early 1920s. In 1922 Guaranty received a national charter, took the name Republic National Bank of Dallas, and assumed a modified Lone Star as its insignia. When the company moved to new quarters and agreed to service farm and ranch loans for another local business, it was required to establish a separate bank to adhere to laws regulating national banks. The Republic Trust and Savings Bank, formed to handle loan services, was absorbed by the parent company in 1928, when rules governing national banks changed. At that time the state-chartered Republic Trust and The huntington national bank inc Bank and the Republic National Bank of Dallas consolidated to form the Republic National Bank and Trust Company. Florence was responsible for the acquisition of North Texas National Bank in 1929, and for helping Republic both to survive and grow during the depression. He is also credited with helping other regional banks by investing in them during the banking crisis of 1933. In 1937 the Republic National Bank and Trust Company was renamed Republic National Bank of Dallas. Under Florence's administration, Republic took the lead in cotton financing and became involved in loans to oilmen shortly after the first major discoveries. In 1932, when proration regulated oil production in the East Texas oilfield, Republic made its first loan against oil reserves to the East Texas Refining Company. The bank introduced food bank nyc online ordering innovations, ranging from extended hours to an international department to assist domestic firms, and was the fourth company in Texas to issue travelers' checks in 1938.
In what some consider his most important management decision, Florence organized a wholly owned subsidiary, the Howard Corporation, in 1946 to receive the petroleum properties of Republic National in exchange for its authorized capital stock. The company, which took its name from Howard County, Texas, where some of the oil properties were located, acquired numerous shares of Teléfonos de México, invested in twenty Texas banks, Republic trust and bank Park Village and six other shopping centers, and undeveloped real estate, and paid huge dividends. By 1948 Republic was the largest bank in Texas. Howard's stock was transferred to a separate trust in 1955, but in 1973 the Federal Reserve Bank required Republic to divest itself of the Howard Corporation's nonbanking assets in order to form a holding company known as the Republic of Texas Corporation. At that time, James W. Aston, who became president of Republic in 1957 and served on the board of American Airlines, arranged for American's AA Development Corporation, a subsidiary, to acquire the bulk of Howard's assets.
In 1954 the firm altered the Dallas skyline by opening a landmark building designed by the firm of Harrison and Abramovitz. The new building also housed the Dallas Club, and was a major coup in an ongoing competition with Interfirst Corporation for the preeminent position in Texas banking. Funded primarily by profits, Republic had grown from $100,000 in capital at its founding in 1920 to $60 million by 1954. It was subsequently required to return to the capital markets as growth outstripped its ability to fund expansion internally.
By the 1980s, in an ongoing effort to expand, Republic republic trust and bank acquired the Houston National Bank and made significant loans to the real estate industry in Texas. As real estate republic trust and bank in value in the late 1980s, however, so did the quality of Republic Bank's loan portfolio. By 1987 the firm needed reorganization and sought a merger partner. Believing that its rival, Interfirst Corporation, had survived the worst of its credit problems, Republic agreed to a merger which formed the First RepublicBank Corporation. Unfortunately, Interfirst Corporation's condition was no better than Republic's, and the new corporation failed within twelve months. The Federal Deposit Insurance Corporation closed all of the holding company's banks in what was then the largest bank failure in United States history, requiring over $3 billion to restore member banks to a zero capital position. In 1989 NCNB Corporation, a North Carolina bank holding company with banks in the South and Southeast, formed a Texas subsidiary to hold the stock of the failed banks of First RepublicBank Corporation. The subsidiary took 50 percent of the total stock, held an option for the other 50 percent owned by the FDIC, and merged all the banks into the NCNB Texas National Bank, National Association. In 1990 NCNB exercised its option to purchase the FDIC's interest, and in 1991 changed its name to NationsBank Corporation. At the same time, the name of its Texas subsidiaries changed to NationsBank of Texas, Incorporated, and NationsBank of Texas, National Association. Other significant Texas institutions acquired by NCNB included University Savings Association and NBC of Texas.
LOUISVILLE, Ky., September 15, 2021--(BUSINESS WIRE)--Republic Bank & Trust Company ("Republic" or the "Bank") announced today that as part of a planned succession, Logan Pichel, currently President of Republic, will add the role of Chief Executive Officer of the Bank to his responsibilities on October 1, 2021. In addition, Pichel was elected to the Bank’s board, as well as the board of the Bank’s parent company, Republic Bancorp, Inc. republic trust and bank "Company"), as a director on September 15, 2021.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210915005096/en/
Logan Pichel, CEO and President, Republic Bank & Trust Company (Photo: Business Wire)
Steve Trager will transition from the role of Bank Chair and Chief Executive Officer to the position of Executive Chair of both the Bank and the Company and will retain the position of Chief Executive Officer for the Company, continuing to lead both boards and work closely with Pichel and the senior management team. Scott Trager continues as Vice Chair of the Bank and Vice Chair and President of the Company. These changes are designed to ensure a smooth transition—continuity of leadership for associates, a focus on delivering high-quality service to bank customers, strong financial performance for shareholders, and a continued commitment to the communities Republic serves.
"Logan's leadership and influence has enhanced every aspect of the Bank’s culture and operations since joining the Republic team as President 15 months ago," said Steve Trager. "I am excited for the next phase in the growth of Republic as I continue to work closely with him in his new role, and with senior management, as we enable our associates, our clients, and the communities we serve to thrive."
Republic has grown from its roots as a small bank in Shelbyville, KY to become the largest bank based in the Commonwealth. Pichel's appointment to CEO comes at a time when Republic’s performance is extremely strong, as the Company’s 2021 second quarter net income was up 51% over the second quarter of 2020, while the Company’s Core Bank credit metrics continue to place it among the most safe and sound financial institutions in the country.
"What Steve and Scott Trager have done for the Bank, and what the Trager family has done for our communities, are models for anyone who wants to make an impact," said Pichel, who joined Republic in 2020 from Regions Bank, one of the nation's largest consumer and commercial banks. "I'm so grateful to be able to work with Steve and the entire executive team as we continue to grow the Bank and the culture of caring they have built – caring for the Bank and its clients and associates and caring for the communities it serves. I'm also looking forward to my new role on the boards, working with Steve and our fellow directors as we help guide Republic’s future."
About Republic Bank
Republic Bancorp, Inc. (the "Company") is the parent company of Republic Bank & Trust Company (the "Bank"). The Bank currently has 42 full-service banking centers throughout five states: twenty-eight banking centers in eight Kentucky communities – Covington, Crestview Hills, Florence, Georgetown, Lexington, Louisville, Shelbyville, and Shepherdsville; three banking centers in southern Indiana – Floyds Knobs, Jeffersonville, and New Albany; seven banking centers in six Florida communities (Tampa MSA) – Largo, New Port Richey, St. Petersburg, Seminole, Tampa, and Temple Terrace; two banking centers in two Tennessee communities (Nashville MSA) – Cool Springs and Green Hills; and two banking centers in two Ohio communities (Cincinnati MSA) – Norwood and West Chester. The Bank offers internet banking at www.republicbank.com. The Company has approximately $6.2 billion in assets and is headquartered in Louisville, Kentucky. The Company’s Class A Common Stock is listed under the symbol "RBCAA" on the NASDAQ Global Select Market.
Republic Bank. It’s just easier here. ®
View source version on businesswire.com: https://www.businesswire.com/news/home/20210915005096/en/
Jim Ensign, Senior Vice President & Chief Brand Officer