CHARLOTTE, N.C.--(BUSINESS WIRE)--

American Bancorp Inc., parent company of American Pride Bank, has finalized its merger with New Republic Partners Inc., parent company of New Republic Bank based in Charlotte, North Carolina. On November 7, New Republic Bank becomes a sister bank of American Pride Bank under the American Bancorp family of banks. Following the merger, American Bancorp has approximately $900 million in total assets and more than $150 million in equity, marking a milestone year of significant growth and expansion.

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“This partnership with New Republic Partners represents a resounding vote of confidence from the shareholders and teams at both organizations,” said Dominik Mjartan, President & CEO of American Bancorp Inc. “The transaction was structured as a stock-for-stock exchange, which is an important signal of confidence from New Republic Bank’s shareholders, who have now become shareholders in American Bancorp.”

Ralph Strayhorn, Chairman of New Republic Partners, added, “Our decision to join as equity partners underscores a shared belief in our strategy, leadership, and long-term vision. Together, we are building a strong network of locally rooted banks committed to fueling small business growth and serving ambitious people across the Southeast.” Strayhorn will join the American Bancorp Board of Directors.

New Republic Bank customers will continue working with their trusted bankers following the merger. Jason Grooters, New Republic’s CEO and CFO, has joined American Pride Bank and American Bancorp as Chief Operating Officer. Over time, New Republic Bank will be rebranded as American Pride Bank following a careful phased systems integration to ensure seamless customer service.

“Adding New Republic Bank to our family allows us to extend our mission into new communities—while preserving the entrepreneurial spirit and customer-first approach that define both institutions,” said Ajitkumar “Adam” Patel, Chairman of the American Bancorp Board of Directors.

Over the past 12 months, American Bancorp raised more than $100 million of growth capital, more than doubled total assets from $373 million to approximately $900 million, and expanded its capacity with seasoned banking professionals, new products, and new markets.

Following the merger, American Bancorp will operate eight banking locations across the Southeast and a mortgage division originating loans in 49 states.

About American Bancorp Inc. & American Pride Bank

American Pride Bank was founded in 2007, followed by American Bancorp Inc. in 2008, by first-generation Americans and entrepreneurs to ensure that everyone has access to the financial products and services needed to earn their American Dream. The bank specializes in serving high-touch, relationship banking solutions that create pathways for generational wealth-building and business success.

Through responsive financial services, American Pride Bank helps small business owners and communities thrive. We take pride in seeing our customers succeed and knowing we played a part in their journey.

At American Pride Bank, your success is our pride. Visit www.americanpride.bank for locations, products, and more information.

About New Republic Bank

Established in 1998 and headquartered in Charlotte, North Carolina, New Republic Bank was founded by families who believed in a more personal approach to banking. Today, NRB continues that legacy by offering concierge-level service to successful individuals, families, and closely held businesses. The bank’s mission is to help clients navigate the complexities of wealth with confidence. We deliver personalized solutions and guidance designed to meet each client’s unique goals and aspirations.

Learn more by visiting www.newrepublicbank.com.

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Source: American Pride Bank