PHILADELPHIA, March 15 /PRNewswire-FirstCall/ -- Metro Bancorp,
Inc. and Republic First Bancorp, Inc. (Nasdaq: FRBK), the holding
company for Republic First Bank, today announced that their boards
of directors had voted to terminate their merger agreement, dated
November 7, 2008, because of
uncertainties over regulatory approval of the applications for the
merger.
Harry D. Madonna, Chairman and
CEO of Republic First Bancorp, Inc. said, "Although disappointed
with the inability to complete the merger, we have built a strong
management team, capital base, and liquidity to deal with the
economic downturn. We will now devote our efforts to
developing our franchise in Metro Philadelphia with an initial
concentration on Southern New
Jersey."
About Republic First Bank
Republic First Bank is a full-service, state-chartered
commercial bank, whose deposits are insured up to the applicable
limits by the Federal Deposit Insurance Corporation (FDIC). The
Bank provides diversified financial products through its twelve
offices located in Abington,
Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Voorhees, New Jersey.
Forward Looking Statements
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. These factors include
competition, timing, credit risks of lending activities, changes in
general economic conditions, price pressures on loan and deposit
products, and other factors detailed from time to time in the
Company's filings with the Securities and Exchange Commission. 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, except as
may be required by applicable law or regulations.
SOURCE Republic First Bank