Trade NatComBnk

NATCOM Bancshares Inc. expects to acquire a 49% stake in Duluth, a Maines Republican Bank Inc., a unit of The Panchers Republican Corporation, the Duluth News Tribune reported. Stephen Burgess, President and CEO of Natcom and the National Trade Bank unit, told the news outlet that the deal is not a prelude to a merger. Burgess said the company has applied to the Federal Reserve to buy the stake in The Republic Bank as an investment. CEO did not disclose the financial terms of the transaction, the report added. according to SNL data, Republic Bank had $368.7 million in total assets, while National Bank of Commerce reported total assets of $576.7 million, as of September 30. and was owned by The Republic Bank Gino Bolucci until his death in 2011. The news cast indicated that the estate was currently restricted in court, so it was not clear who owned the controlling stake in the bank and who agreed to sell.