Republic Bank, Advance America Part Ways

Historical archive, first published 2005 — payday-lending laws and rates have changed since. Preserved for the record.

Louisville, Kentucky — Advance America, of Spartanburg, S.C., announced last week that it had terminated its marketing and servicing agreement with Louisville’s Republic Bank & Trust Co. and struck a new pact with First Fidelity Bank, of South Dakota.

Republic had a three-year relationship with Advance America, which has six outlets in Louisville and Southern Indiana. Republic doesn’t plan on leaving the payday loan industry, but rather will offer a web product. If successful, Steve Trager, Republic’s chief executive, says the payday advance program will be expanded nationwide.