Duluth's Republic Bank is merging with Superior-based National Bank of Commerce, pending federal approval.

"The opportunities are fantastic. This is going to allow the Twin Ports to keep local dollars local," National Bank of Commerce CEO Steve Burgess said at a news conference Monday. "It's going to allow us to be a catalyst for economic growth within the community."

The combined institution will operate as National Bank of Commerce and become the second-largest bank by deposits in the Duluth market, according to the Federal Reserve.

Burgess said it will be "business as usual" for the next several months before the deal is expected to close later this year. Customers should not expect major changes, and the majority will keep their same account numbers, he said.

The banks have a combined $1 billion in assets, according to the Federal Deposit Insurance Corporation, and 13 locations.

Read more in the Duluth News Tribune.