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Republic's Bank Product Income Drops

Friday, 20 April 2012

Tax

Republic Bancorp, which had been the last remaining source of Refund Anticipation Loans, saw a 10-percent decrease in net income its Tax Refund Solutions segment for the first quarter ended March 31. Income fell to $61.9 million because of a decline in volume for RALs and electronic refund checks and electronic refund deposits. The company cited greater demand for on-line tax preparation services and increased competition for the decline.

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