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Fed approves Kentucky-based Republic Bancorp's Fla. bank deal

The FederalReserve Board approved Republic BancorpInc.'s application to acquireSt. Petersburg, Fla.-based CornerstoneBancorp Inc.

Louisville,Ky.-based Republic Bancorp announced plans to purchase Cornerstone Bancorp Inc.in October 2015 for $32.3million in cash.