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Republic Refund Income Plunges

Monday, 22 April 2013

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Income from the tax refund business of Republic Bancorp plunged for the first quarter ended March 31. The company last year was the last bank to offer Refund Anticipation Loans. This year, it reported the loss of two retail tax chains that had been represented more than half of its refund transfer volume were factors as refund fee income dropped to just over $12 million for the most recently ended quarter, down from $71.7 million a year earlier.

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