PHILADELPHIA, June 22 /PRNewswire-FirstCall/ -- Republic First
Bancorp, Inc. (Nasdaq: FRBK), the holding company for Republic
First Bank, announced today the pricing of an underwritten public
offering of 15,000,000 shares of its common stock at an offering
price of $2.00 per share. Republic
First Bancorp, Inc. expects to receive $30
million in gross proceeds from the offering and, after
deducting the underwriting discount and estimated offering
expenses, net proceeds of approximately $28.1 million. In addition, Republic First
Bancorp, Inc. has granted the underwriters a 30-day option to
purchase up to an additional 15% of the offered amount at the
offering price to cover over-allotments, if any. The offering is
expected to close on June 24, 2010,
subject to customary closing conditions. Sandler O'Neill +
Partners, L.P. and RBC Capital Markets Corporation are acting as
co-book running managers for the securities offering.
Republic First Bancorp, Inc. offers a variety of retail and
commercial banking services to individuals and businesses
throughout the Greater
Philadelphia and Southern New
Jersey area through Republic First Bank, from eleven store
locations in Philadelphia,
Montgomery and Delaware Counties in Pennsylvania, and one in Camden County, New Jersey. The company
intends for the bank to use the proceeds from the offering for
general corporate purposes, including implementing the bank's
retail and rebranding strategies, renovating its branches and
adding new branches.
A registration statement relating to these securities was
declared effective by the Securities and Exchange Commission on
June 21, 2010, and the public
offering is being made only by means of a prospectus. A
written prospectus for the offering may be obtained from Sandler
O'Neill + Partners, L.P., 919 Third Avenue, 6th Floor, New York, NY 10022, (866) 805-4128 or from RBC
Capital Markets, Three World Financial Center, 200 Vesey Street,
8th Floor, New York, NY
10281-8098, Attention: Equity Syndicate or by faxing (212) 428-6260
or calling (212) 428-6670 . An electronic copy of the
prospectus is included in the registration statement and is
available on the web site of the Securities and Exchange Commission
at
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000834285.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
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. 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 risks and uncertainties
include the risk that the offering does not close or closing is
delayed, as well as other risk 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 Bancorp, Inc.