REPUBLIC <RSLA> TO MERGE WITH PIONEER SAVINGS
Republic Savings and Loan
Association and <Pioneer Savings> of Racine, Wis., said they
have signed a definitive agreement to combine the two
associations into a publicly held holding company to be called
Republic Capital Group Inc.
    The associations said they would form the company by
exchanging Republic's stock for shares in the holding company,
which Pioneer savers could purchase when Pioneer converts from
mutual to stock ownership.
    The associations added that they would remain independent,
but wholly owned, units of the holding company.
    The associations said they would continue to do business
using their present names and management.
    The combination of Republic's 459 mln dlrs in assets with
Pioneer's 125 mln dlrs would make the new holding company the
fifth largest savings and loan organization in Wisconsin, they
said.
    The associations said the move is subject to approval by
the Federal Home Loan Bank Board and the Wisconsin Commissioner
of Savings and Loan, as well as Republic's shareholders and
Pioneer's depositors.
 Reuter
