SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------------------
FORM 11-K
Annual Report Pursuant to Section 15(d)
of the Securities Exchange Act of 1934
----------------------------------------
( X ) Annual report pursuant to Section 15(d)
of the Securities Exchange Act of 1934.
For the fiscal year ended December 31, 1994.
OR
( ) Transition report pursuant to Section 15(d)
of the Securities Exchange Act of 1934.
For the transition period from
_________________ to ________________.
Commission file number of the issuer: 0-15734
REPUBLIC BANCORP INC.
TAX-DEFERRED SAVINGS PLAN AND TRUST
(Full title of plan)
REPUBLIC BANCORP INC.
1070 East Main Street
Owosso, Michigan 48867
(Name of the issuer and address of
its principal executive office)
REQUIRED INFORMATION
Items 1-3. Financial Statements
Not Applicable.
Item 4. ERISA Financial Statements
The attached financial statements and schedules, which are
hereby incorporated by reference by the Republic Bancorp Inc.
Tax-Deferred Savings Plan and Trust (the "Plan"), have been
prepared in accordance with the financial reporting
requirements of ERISA:
Financial statements for the years ended December 31,
1994 and 1993, Supplemental Schedules for the year
ended December 31, 1994, and Independent Auditors'
Report dated June 22, 1995.
Attached as Exhibit 23 is a written consent of Deloitte &
Touche LLP, independent auditors for the Plan.
REPUBLIC BANCORP INC.
TAX DEFERRED SAVINGS PLAN
Financial Statements for the
Years Ended December 31, 1994 and 1993,
Supplemental Schedules for the
Year Ended December 31, 1994 and
Independent Auditors' Report
REPUBLIC BANCORP INC.
TAX DEFERRED SAVINGS PLAN
TABLE OF CONTENTS
- --------------------------------------------------------------------------------------------------
Page Number
-----------
Independent Auditors' Report 1
Financial Statements for the Years Ended December 31, 1994 and 1993:
Statements of Net Assets Available for Benefits 2-3
Statements of Changes in Net Assets Available for Benefits 4-5
Notes to Financial Statements 6-9
Signatures 10
Supplemental Schedules for the Year Ended December 31, 1994:
Item 27a - Schedule of Assets Held for Investment Purposes 11
Item 27b - Schedule of Loans or Fixed Income Not Required
Item 27c - Schedule of Leases in Default or Classified as Uncollectible Not Required
Item 27d - Schedule of Reportable Transactions 12
Items 27e and 27f - Schedule of Non-Exempt Transactions Not Required
[Letterhead of Deloitte & Touche LLP]
Deloitte &
Touche LLP
____________ _________________________________________
Suite 900 Telephone (313) 396-3000
600 Renaissance Center
Detroit, Michigan 48243-1704
INDEPENDENT AUDITORS' REPORT
To the Trustees and Participants of
Republic Bancorp Inc. Tax Deferred Savings Plan
Owosso, Michigan
We have audited the accompanying statements of net assets available for
benefits of Republic Bancorp Inc. Tax Deferred Savings Plan as of
December 31, 1994 and 1993, and the related statements of changes in net
assets available for benefits for the years then ended. These financial
statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material
respects, the net assets available for benefits of the Plan at December 31,
1994 and 1993, and the changes in net assets available for benefits for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules of
(1) assets held for investment purposes as of December 31, 1994 and (2)
reportable transactions for the year ended December 31, 1994, are presented
for the purpose of additional analysis and are not a required part of the
basic financial statements but are supplementary information required by
the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. The
supplemental fund information is presented for the purpose of additional
analysis of the basic financial statements rather than to present
information regarding the net assets available for benefits and changes in
net assets available for benefits of the individual funds, and is not a
required part of the basic financial statements. The supplemental
schedules and supplemental fund information are the responsibility of the
Plan's management. Such supplemental schedules and supplemental fund
information have been subjected to the auditing procedures applied in our
audits of the basic financial statements and, in our opinion, is fairly
stated in all material respects when considered in relation to the basic
financial statements taken as a whole.
/s/ DELOITTE & TOUCHE LLP
Detroit, Michigan
June 22, 1995
_______________
Deloitte Touche
Tohmatsu
International
_______________
- 1 -
REPUBLIC BANCORP INC. TAX DEFERRED SAVINGS PLAN
Statement of Net Assets Available for Benefits
As of December 31, 1994
SUPPLEMENTAL FUND INFORMATION
-------------------------------------------------------------------------------------------------------
Equi- Equi- Equi- Equi-
table Equi- table table table
Republic Cash/ Aggres- table Common Fixed Money
Bond Equity Stock Loan sive Balanced Stock Income Market
Combined GIC Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund
---------- ---------- -------- -------- ---------- -------- ------- ------- ------- -------- --------
INVESTMENTS AT FAIR VALUE
(Notes 2 and 4):
Cash and cash equivalents $191,068 $19,120 $14,164 $18,991 $6,087 $201 $7 $132,498
Common Stocks:
Short-term investments 910,033 750,823 $62,783 $44,200 $51,375 852
Republic Bancorp Inc.
(291,449 shares) 2,878,059 2,878,059
Corporate bonds 1,856,317 1,135,902 437,795 282,620
Accrued investment income 31,932 6,427 27 29 22,851 58 603 (713) 19 1,986 645
Loans to participants 193,368 193,368
---------- ---------- -------- -------- ---------- -------- ------- ------- ------- -------- --------
Total investments 6,060,777 1,161,449 451,986 769,843 2,906,997 193,627 63,386 43,487 51,394 285,465 133,143
---------- ---------- -------- -------- ---------- -------- ------- ------- ------- -------- --------
OTHER ASSETS:
Contributions:
Receivable from
employer 24,749 24,749
Due from participants 59,800 19,068 8,862 17,001 14,869
---------- ---------- -------- -------- ---------- -------- ------- ------- ------- -------- --------
Total other assets 84,549 19,068 8,862 17,001 39,618
---------- ---------- -------- -------- ---------- -------- ------- ------- ------- -------- --------
Total assets 6,145,326 1,180,517 460,848 786,844 2,946,615 193,627 63,386 43,487 51,394 285,465 133,143
---------- ---------- -------- -------- ---------- -------- ------- ------- ------- -------- --------
NET ASSETS AVAILABLE FOR
BENEFITS $6,145,326 $1,180,517 $460,848 $786,844 $2,946,615 $193,627 $63,386 $43,487 $51,394 $285,465 $133,143
========== ========== ======== ======== ========== ======== ======= ======= ======= ======== ========
- 2 -
REPUBLIC BANCORP INC. TAX DEFERRED SAVINGS PLAN
Statement of Net Assets Available for Benefits
As of December 31, 1993
SUPPLEMENTAL FUND INFORMATION
-----------------------------------------------------------------------------------------------------
Equi- Equi- Equi- Equi-
table Equi- table table table
Republic Cash/ Aggres- table Common Fixed Money
Bond Equity Stock Loan sive Balanced Stock Income Market
Combined GIC Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund
---------- -------- -------- -------- ---------- -------- ------- ------- ------- -------- -------
INVESTMENTS AT FAIR VALUE
(Notes 2 and 4):
Cash and cash equivalents $124,245 $14,107 $11,223 $30,254 $15,905 $2,295 $50,461
Common Stocks:
Short-term investments 735,385 511,232 $62,844 $44,961 $115,329 $1,019
Republic Bancorp Inc.
(183,324 shares) 2,506,955 2,506,955
Corporate bonds 1,274,692 632,160 251,786 390,746
Accrued investment income 35,891 2,977 1,340 645 10,979 6,463 441 4,847 8,060 139
Loans to participants 124,790 124,790
---------- -------- -------- -------- ---------- -------- ------- ------- -------- -------- -------
Total investments 4,801,958 649,244 264,349 542,131 2,533,839 127,085 69,307 45,402 120,176 399,825 50,600
---------- -------- -------- -------- ---------- -------- ------- ------- -------- -------- -------
OTHER ASSETS:
Contributions:
Receivable from
employer 34,745 34,745
Due from participants 102,327 18,667 11,723 25,869 46,068
---------- -------- -------- -------- ---------- -------- ------- ------- -------- -------- -------
Total other assets 137,072 18,667 11,723 25,869 80,813
---------- -------- -------- -------- ---------- -------- ------- ------- -------- -------- -------
Total assets 4,939,030 667,911 276,072 568,000 2,614,652 127,085 69,307 45,402 120,176 399,825 50,600
---------- -------- -------- -------- ---------- -------- ------- ------- -------- -------- -------
NET ASSETS AVAILABLE FOR
BENEFITS $4,939,030 $667,911 $276,072 $568,000 $2,614,652 $127,085 $69,307 $45,402 $120,176 $399,825 $50,600
========== ======== ======== ======== ========== ======== ======= ======= ======== ======== =======
- 3 -
REPUBLIC BANCORP INC. TAX DEFERRED SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
For Year Ended December 31, 1994
SUPPLEMENTAL FUND INFORMATION
---------------------------------------------------------------------------------------------------------------
Equi- Equi- Equi- Equi-
table Equi- table table table
Republic Cash/ Aggres- table Common Fixed Money
Bond Equity Stock Loan sive Balanced Stock Income Market
Combined GIC Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund
---------- ---------- -------- -------- ---------- -------- ------- ------- ------- -------- --------
ADDITIONS TO
NET ASSETS
ATTRIBUTED TO:
Investment income:
Interest $103,648 $53,105 $12,922 $4,657 $15,300 $11,541 ($3,695) ($4,179) ($6,698) $16,775 $3,920
Dividends 67,008 4,056 62,952
Net depreciation
in market
value of
investments (793,130) (22,301) (40,414) (729,998) (417)
---------- ---------- -------- -------- ---------- -------- ------- ------- ------- -------- --------
Total (622,474) 53,105 (9,379) (31,701) (651,746) 11,541 (3,695) (4,179) (6,698) 16,358 3,920
---------- ---------- -------- -------- ---------- -------- ------- ------- ------- -------- --------
Contributions:
Participants 1,748,968 451,551 338,262 443,592 515,563
Employer -
net of
forfeitures 596,537 (8,119) 605,466 (135) (143) (498) (34)
---------- ---------- -------- -------- ---------- -------- ------- ------- ------- -------- --------
Total 2,345,505 443,432 338,262 443,592 1,121,029 (135) (143) (498) (34)
---------- ---------- -------- -------- ---------- -------- ------- ------- ------- -------- --------
Total additions 1,723,031 496,537 328,883 411,891 469,283 11,541 (3,830) (4,179) (6,841) 15,860 3,886
---------- ---------- -------- -------- ---------- -------- ------- ------- ------- -------- --------
DEDUCTIONS FROM
NET ASSETS
ATTRIBUTED TO:
Benefits paid to
participants (516,735) (84,999) (86,669) (67,509) (190,433) (19,111) (4,631) (4,812) (8,951) (37,063) (12,557)
---------- ---------- -------- -------- ---------- -------- ------- ------- ------- -------- --------
Net increase
(decrease) prior
to interfund
transfers 1,206,296 411,538 242,214 344,382 278,850 (7,570) (8,461) (8,991) (15,792) (21,203) (8,671)
Interfund Transfers 101,068 (57,438) (125,538) 53,113 74,112 2,540 7,076 (52,990) (93,157) 91,214
---------- ---------- -------- -------- ---------- -------- ------- ------- ------- -------- --------
NET INCREASE
(DECREASE) 1,206,296 512,606 184,776 218,844 331,963 66,542 (5,921) (1,915) (68,782) (114,360) 82,543
NET ASSETS
AVAILABLE
FOR BENEFITS:
Beginning of year 4,939,030 667,911 276,072 568,000 2,614,652 127,085 69,307 45,402 120,176 399,825 50,600
---------- ---------- -------- -------- ---------- -------- ------- ------- ------- -------- --------
End of year $6,145,326 $1,180,517 $460,848 $786,844 $2,946,615 $193,627 $63,386 $43,487 $51,394 $285,465 $133,143
========== ========== ======== ======== ========== ======== ======= ======= ======= ======== ========
- 4 -
REPUBLIC BANCORP INC. TAX DEFERRED SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
For Year Ended December 31, 1993
SUPPLEMENTAL FUND INFORMATION
-----------------------------------------------------------------------------------------------------------
Equi- Equi- Equi- Equi-
table Equi- table table table
Republic Cash/ Aggres- table Common Fixed Money
Bond Equity Stock Loan sive Balanced Stock Income Market
Combined GIC Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund
---------- -------- -------- -------- ---------- -------- ------- ------- ------- -------- --------
ADDITIONS TO NET
ASSETS ATTRIBUTED TO:
Investment income:
Interest $112,385 $29,932 $11,508 $821 $5,095 $10,405 $8,159 $4,646 $18,896 $19,928 $2,995
Dividends 37,008 5,533 31,475
Net appreciation
in market value
of investments 509,526 828 3,123 504,964 611
Assets from Premier
(Note 1) 633,350 61,148 40,756 101,812 382,029 47,605
---------- -------- -------- -------- ---------- -------- ------- ------- -------- -------- -------
Total 1,292,269 29,932 12,336 9,477 541,534 10,405 69,307 45,402 120,708 402,568 50,600
---------- -------- -------- -------- ---------- -------- ------- ------- -------- -------- -------
Contributions:
Participants 1,086,428 262,702 179,973 347,388 296,365
Employer - net of
forfeitures 316,522 7,905 308,617
---------- -------- -------- -------- ---------- -------- ------- ------- -------- -------- -------
Total 1,402,950 270,607 179,973 347,388 604,982
---------- -------- -------- -------- ---------- -------- ------- ------- -------- -------- -------
Total additions 2,695,219 300,539 192,309 356,865 1,146,516 10,405 69,307 45,402 120,708 402,568 50,600
---------- -------- -------- -------- ---------- -------- ------- ------- -------- -------- -------
DEDUCTIONS FROM NET
ASSETS ATTRIBUTED TO:
Benefits paid to
participants (161,864) (57,617) (4,267) (21,835) (75,129) -- -- -- (532) (2,484) --
---------- -------- -------- -------- ---------- -------- ------- ------- -------- -------- -------
Net increase(decrease)
prior to interfund
transfers 2,533,355 242,922 188,042 335,030 1,071,387 10,405 69,307 45,402 120,176 400,084 50,600
Interfund Transfers 15,556 9,045 5,031 9,108 (10,055) 2,686 (259)
---------- -------- -------- -------- ---------- -------- ------- ------- -------- -------- -------
NET INCREASE(DECREASE) 2,548,911 251,967 193,073 344,138 1,061,332 13,091 69,307 45,402 120,176 399,825 50,600
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 2,390,119 415,944 82,999 223,862 1,553,320 113,994
---------- -------- -------- -------- ---------- -------- ------- ------- -------- -------- -------
End of year $4,939,030 $667,911 $276,072 $568,000 $2,614,652 $127,085 $69,307 $45,402 $120,176 $399,825 $50,600
========== ======== ======== ======== ========== ======== ======= ======= ======== ======== =======
- 5 -
REPUBLIC BANCORP INC.
TAX DEFERRED SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1994 AND 1993
1. PLAN MERGER
Effective January 1, 1993, Premier Bancorporation, Inc. (a subsidiary
of Republic Bancorp Inc.) merged its existing 401 (k) plan with the
Republic Bancorp Inc. Tax Deferred Savings Plan (the "Plan"). Total
Plan assets increased $633,350 as a result of the merger. Five funds
managed by the Equitable Life Insurance Society were merged with the
Plan. Participants were allowed to maintain balances in these funds as
of January 1, 1993; however, no further contributions can be made to
these funds.
2. PLAN DESCRIPTION
The following description of the Plan provides only general
information. Participants should refer to the Plan agreement for a
more complete description of the Plan's provisions. The Plan was
established November 1, 1988 under the provisions of Section 401 (k)
of the Internal Revenue Code and is a voluntary savings plan for
eligible employees of Republic Bancorp Inc. ("Republic"). It is
subject to the provisions of The Employment Retirement Income
Security Act of 1974 (ERISA).
All employees of Republic are eligible to participate in the Plan
after completing one year of continuous service. As of December 31,
1994 and 1993, there were 781 and 506 plan participants, respectively.
Participant contributions are limited to 15% of the participant's
compensation as defined in the Plan, or such maximum rates as may be
approved by the Internal Revenue Service. Republic contributes an
amount equal to 50% of each participant's elective deferrals for the
Plan year up to 7% of the participant's annual compensation.
Republic's contributions to the Plan are made to the Republic stock
fund. Republic's contributions are vested 25% after two years of
service and an additional 25% each year thereafter.
If a nonvested participant is terminated from the Plan, the
participant may be required to forfeit a portion of his account
related to employer contributions. Forfeitures are applied as a
reduction to required employer contributions.
Each participant's account is credited with the participant's
contribution and an allocation of Republic's contribution and Plan
earnings. Allocations are based upon the participant's account
balances. Expenses of operating the Plan are paid by Republic.
-6-
Although it has not expressed any interest to do so, the Company has
the right to terminate the Plan subject to the provisions of ERISA.
Such termination of the Plan, if any, would not affect an employee's
interest in assets already in the Plan and any unvested balances would
become fully vested.
Four investment options are available to the participants of the
Republic Bancorp Inc. Plan: the Guaranteed Investment Contract Fund,
Intermediate Bond Fund, Equity Fund and Republic Bancorp Inc. Common
Stock Fund.
The Guaranteed Investment Contract Fund (GIC Fund) invests primarily
in Guaranteed Investment Contracts issued by high-quality insurance
companies. A Guaranteed Investment Contract is a negotiated contract
with a major insurance company which includes a guarantee by the
insurance company of principal and interest for a specific length of
time. The contracts in this Fund can have maturities that range up to
a maximum of eight years, with the average maturity being
approximately three and one-half years. The Fund may also invest in
various short-term investment vehicles for purposes of maintaining
liquidity, and in order to make the Fund responsive to changes in
interest rates.
The Intermediate Bond Fund (Bond Fund) invests in short-term bonds
with a current average maturity under four years.
The Equity Fund invests in the common stock of growth-oriented
companies.
The Republic Bancorp Inc. Common Stock Fund (Republic Stock Fund)
invests 100% in the common stock of Republic Bancorp Inc.
Additionally, five investment options were available to the
participants of the Premier Bancorporation, Inc. 401 (k) Plan prior to
merger with the Plan: the Equitable Aggressive Fund, Equitable
Balanced Fund, Equitable Common Stock Fund, Equitable Fixed Income
Fund and Equitable Money Market Fund.
The Equitable Aggressive Fund invests in securities of smaller sized
companies (with capitalizations generally between $90 million to $1.5
billion) perceived to have greater growth potential than large
companies.
The Equitable Balanced Fund invests in common stocks, other equity
type instruments, longer-term fixed income securities, publicly traded
debt securities and short-term money market instruments.
The Equitable Common Stock Fund invests in common stocks and other
equity securities issued by intermediate and large sized companies
with an investment objective of long- term capital growth and
increasing income.
The Equitable Fixed Income Fund invests primarily in Guaranteed
Investment Contracts issued by high quality insurance companies.
The Equitable Money Market Fund is invested in a money market account
at Republic Bank indexed to the 91 day Treasury Bill.
-7-
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying financial statements reflect the accrual basis of
accounting. Investments are stated at market value which is generally
based on quoted prices as reported by the trustee. Loans to
participants are recorded at cost which approximates market value.
The loan fund is used for receipt of participant contributions prior
to their investment in designated funds and for accumulation of cash
transfers from other funds prior to distribution or lending to
participants.
In 1993, the Plan changed its method of accounting for benefits
payable to comply with the 1993 AICPA Audit and Accounting Guide
("Audits of Employee Benefit Plans"). The new guidance requires that
benefits payable to persons who have withdrawn from participation in a
defined contribution plan be disclosed in the footnotes to the
financial statements rather than be recorded as a liability of the
Plan. As of December 31, 1994 and 1993, benefits of $606,106 and
$108,297, respectively, were due to participants who have withdrawn
from participation in the Plan.
4. INVESTMENTS
The following table represents the fair values of investments.
Investments that represent 5% or more of the Plan's assets are
separately identified with an asterisk.
December 31,
1994 1993
---------- ----------
Comerica Short-Term Fund (cash equivalent) $ 58,563 $ 73,784
Comerica Guaranteed Investment Contract
Fund (corporate bonds) 1,135,902* 632,160*
Comerica Investment Contract Fund H
(corporate bonds) 437,795* 251,786*
Comerica Investment Fund E
(common stocks) 750,823* 511,232*
Republic Bancorp Inc. (common stock) 2,878,059* 2,506,955*
Equitable Aggressive Fund 62,783 62,844
Equitable Balanced Fund 44,200 44,961
Equitable Common Stock Fund 51,375 115,329
Equitable Fixed Income Fund 283,479 391,765*
Equitable Money Market Fund 132,498 50,461
Loans to participants 193,368 124,790
Accrued Investment Income 31,932 35,891
---------- ----------
Total $6,060,777 $4,801,958
========== ==========
-8-
5. TAX STATUS
The Plan has received a favorable determination letter dated January
27, 1993 from the Internal Revenue Service that it is a qualified
employee benefit plan, meeting the requirements of Sections 401 (a)
and 401 (k) of the Internal Revenue Code.
* * * * * * * *
-9-
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
REPUBLIC BANCORP INC.
TAX-DEFERRED SAVINGS
PLAN AND TRUST
REPUBLIC BANCORP INC.
Plan Administrator
By: /s/ Timothy G. Blazejewski
--------------------------------
Timothy G. Blazejewski, as Agent
-10-
Republic Bancorp Inc. Tax Deferred Savings Plan
Item 27a - Schedule of Assets Held for Investment Purposes
As of December 31, 1994
Units/ Fair
Description Shares Cost Value
- ----------- -------- ---------- ----------
* Comerica Short-Term Fund 58,563 $ 58,563 $ 58,563
* Comerica Guaranteed Investment Contract Fund 113,590 1,135,902 1,135,902
* Comerica Investment Fund H 34,926 450,071 437,795
* Comerica Investment Fund E 6,801 749,138 750,823
* Republic Bancorp Inc. Common Stock 291,449 2,357,470 2,878,059
Equitable Aggressive Fund 62,783 58,459 62,783
Equitable Balanced Fund 44,200 44,200 44,200
Equitable Common Stock Fund 51,375 68,553 51,375
Equitable Fixed Income Fund 282,674 283,285 283,479
Equitable Money Market Fund 132,498 132,498 132,498
Loans to 47 participants against their individual
account balances, interest
rates from 7.1% to 11.00%
and maturing through February, 2003. 193,368 193,368
---------- ----------
Total $5,531,507 $6,028,845
========== ==========
<FN>
* Party in interest
-11-
Republic Bancorp Inc. Tax-Deferred Savings Plan
Item 27d - Schedule of Reportable Transactions
Year Ended December 31, 1994
Number Number
of Units of Units Purchase Selling Net Realized
Purchased Sold Asset Description Price Price Gain/(Loss)
- --------- --------- ------------------------- ---------- ---------- ------------
Series of Transactions:
4,090,318 4,065,474 Comerica Short-Term Fund $4,090,318 $4,065,474 None
50,584 210 Comerica Guaranteed 505,842 2,100 None
Investment Contract Fund
26,481 10,444 Comerica Intermediate 338,810 130,500 ($ 4,124)
Bond Fund H
4,052 1,596 Comerica Equity Fund E 454,006 174,000 (1,747)
79,200 2,182 Republic Bancorp Inc. 1,054,693 29,999 15,073
Common Stock
Single Transaction:
250,545 Comerica Short-Term $ 250,545 None
Fund
19,000 Republic Bancorp Inc. $ 251,750 None
Common Stock
<FN>
Note 1 - A reportable transaction, as defined by the Department of Labor, is
any transaction or series of transactions in one security for 5% or more of
the current value of plan assets at the beginning of the year.
-12-
EXHIBIT INDEX
Page
Exhibit Number
- ------- ------
23 Consent of Deloitte & Touche 14
-13-