REPUBLIC &lt;RSLA> TO MERGE WITH PIONEER SAVINGS

  Republic Savings and Loan
  Association and &lt;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.
  

