UNITED
STATES
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): December 2, 2008
REPUBLIC
BANCORP, INC.
(Exact
name of registrant as specified in its charter)
|
Kentucky
|
|
0-24649
|
|
61-0862051
|
|
(State
or other jurisdiction
of
incorporation)
|
|
(Commission
File Number)
|
|
(IRS
Employer
Identification
No.)
|
|
601
West Market Street, Louisville, Kentucky
|
|
40202
|
|
(Address
of principal executive offices)
|
|
(Zip
code)
|
Registrant’s
telephone number, including area code: (502)
584-3600
Not
Applicable
(Former
Name or Former Address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
| o |
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
| o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
| o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
| o |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
ITEM
1.01.
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On
December 2, 2008, Republic Bancorp, Inc.’s (the “Company”) wholly owned
subsidiary, Republic Bank & Trust Company, a Kentucky state chartered bank
(the “Bank”), amended its three year Program Agreement (the “Program Agreement”)
with Jackson Hewitt Inc. (“JHI”) and amended its three year Technology Services
Agreement (the “Technology Agreement”) with Jackson Hewitt Technology Services
LLC (“JHTSL”) related to the Bank’s Refund Anticipation Loan (“RAL”) and
Electronic Refund Check/Electronic Refund Deposit (“ERC”) products. JHI and
JHTSL are subsidiaries of Jackson Hewitt Tax Service Inc. which provides
preparation services of federal, state and local individual income tax returns
in the United States through a nationwide network of franchised and
company-owned tax offices operating under the brand name Jackson Hewitt Tax
Service®.
The
Bank’s RAL and ERC products essentially comprise the products offered through
the Company’s Tax Refund Solutions (“TRS”) business segment. The parties amended
the Program Agreement and the Technology Agreement in order to:
1. increase
the
number
of JHI service locations during the 2009 tax season in which the Bank will
offer, process and administer certain RAL and ERC products, to Jackson Hewitt
tax service customers;
2. determine
the
fees payable to JHI by the Bank for the first quarter 2009 tax season;
3. set
certain
compliance parameters required by the Bank regarding the Bank’s TRS Program;
and
4. provide
the
Bank with the right to retain certain monies otherwise payable to JHI by the
Bank in the event that the Bank fails to attain a minimum level of profitability
or number of financial products or if the Bank incurs costs in connection with
JHI’s failure to maintain a minimum level of compliance with the Bank’s policies
and procedures.
The
business generated from the Program Agreement, as amended, and the Technology
Agreement, as amended, is more likely than not to have a material positive
impact on the Company’s net income and earnings per share beginning with the
first quarter of 2009. The overall impact of these agreements, as amended,
to
the Company’s earnings for 2009 and beyond will be dependent upon many factors
such as consumer demand for tax related products, consumer demand for Jackson
Hewitt services, losses on RALs, overall product mix and overhead cost to the
Company.
The
Bank’s Program Agreement and the Bank’s Technology Services Agreement are
described in the Company’s Current Report on Form 8-K filed with the Securities
and Exchange Commission on September 20, 2007, and such descriptions are hereby
incorporated by reference.
The
Company will seek confidential treatment from the Securities and Exchange
Commission for certain portions of the Bank’s amendments to the Program
Agreement and Technology Agreement described above in connection with filing
such amendments as exhibits to the Company’s Annual Report on Form 10-K for the
period ended December 31, 2008.
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:
December
3, 2008
Kevin
Sipes
Executive
Vice President, Chief Financial Officer & Chief Accounting
Officer