Republic First Bancorp, Inc. Reports 17% Reduction in Non-Performing Assets
August 09 2007 - 4:09PM
PR Newswire (US)
PHILADELPHIA, Aug. 9 /PRNewswire-FirstCall/ -- Republic First
Bancorp, Inc. (NASDAQ:FRBK), (the "Company") the holding company
for Republic First Bank (PA), today reported that subsequent to
June 30, 2007, the Company collected the full $2.4 million
principal balance included in the balance of non performing assets.
Additionally, all fees and past due default rate interest were
collected and amounted to $249,486. Also subsequent to that date,
the bank sold an OREO property with a book balance of $457,000 for
a gain of approximately $176,000. Accordingly, the balance of
non-performing assets at June 30, 2007 of $17,111, has been reduced
to $14, 254, representing a reduction of 17%. Republic First Bank
(PA) is a full-service, state-chartered commercial bank, whose
deposits are insured by the Federal Deposit Insurance Corporation
(FDIC). The Bank provides diversified financial products through
its eleven offices located in Abington, Ardmore, Bala Cynwyd,
Plymouth Meeting, Media and Philadelphia, Pennsylvania and
Voorhees, New Jersey. The Company may from time to time make
written or oral "forward-looking statements", including statements
contained in this release and in the Company's filings with the
Securities and Exchange Commission. These forward- looking
statements include statements with respect to the Company's
beliefs, plans, objectives, goals, expectations, anticipations,
estimates, and intentions that are subject to significant risks and
uncertainties and are subject to change based on various factors,
many of which are beyond the Company's control. The words "may",
"could", "should", "would", "believe", "anticipate", "estimate",
"expect", "intend", "plan", and similar expressions are intended to
identify forward-looking statements. All such statements are made
in good faith by the Company pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
The Company does not undertake to update any forward-looking
statement, whether written or oral, that may be made from time to
time by or on behalf of the Company. DATASOURCE: Republic First
Bancorp, Inc. CONTACT: Paul Frenkiel, CFO of Republic First
Bancorp, Inc., +1-215-735-4422 ext. 5255
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