Republic Bancorp Inc 8-K, filed Jun 7, 2022
Republic Bancorp Inc (RBCAA)
About this 8-K
Republic Bancorp Inc filed this 8-K on June 7, 2022, reporting on events of June 3, 2022.
Items reported
- Item 8.01: Other events
UNITED STATES
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CURRENT REPORT
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Item 8.01 Other Events.
On June 3, 2022, Republic Bank & Trust Company (the “Bank”) and Green Dot Corporation entered into a settlement agreement (the “Settlement Agreement”) to fully resolve the lawsuit that the Bank filed against Green Dot Corporation (“Green Dot”) in the Delaware Court of Chancery, C.A. No. 2021-0854-SG, on October 5, 2021 (the “Lawsuit").
As previously disclosed in the prior filings with the Securities and Exchange Commission of Republic Bancorp, Inc. (the “Company”) (including its Form 8-K filed January 10, 2022; Form 10-K filed March 1, 2022; and Form 10-Q filed May 6, 2022), the Lawsuit arose from Green Dot’s inability to consummate the transaction contemplated in the May 13, 2021 Asset Purchase Agreement (the “Purchase Agreement”) through which Green Dot would purchase all of the assets and operations of the Bank’s Tax Refund Solutions business.
In accordance with the Settlement Agreement, on June 6, 2022, Green Dot paid $13 million to the Bank, which was in addition to a $5 million termination fee that Green Dot paid to the Bank during the first quarter of 2022 under the terms of the Purchase Agreement. On June 6, 2022, the Bank and Green Dot submitted to the Delaware Court of Chancery a stipulation of dismissal of the Lawsuit.
Except as required by law, the Company does not assume any obligation to update any forward-looking statement herein to reflect events or circumstances that occur after the date hereof.
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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 Bancorp, Inc. |
| | (Registrant) |
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Date: June 7, 2022 | By: | /s/ Kevin Sipes |
| | Executive Vice President, Chief Financial Officer & Chief Accounting Officer |
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