FRBK Republic First Bancorp Inc

Republic First Bancorp, Inc. Litigation Settlement PHILADELPHIA, Aug. 16 /PRNewswire-FirstCall/ -- Republic First Bancorp, Inc. (NASDAQ:FRBK): On July 2, 2004, Republic First Bank, a wholly owned subsidiary of Republic First Bancorp, Inc. ("the Company"), was awarded a damage verdict in the amount of $4,439,000 against a Philadelphia law firm in connection with their improper representation of the Bank in a loan transaction which caused prior year losses for the Company. The Court also ruled that it would address an additional verdict of punitive damages arising from the same improper conduct by the law firm. The parties have agreed to settle the matter by payment to the Company of $4,439,000 and the Company waiving damages on the punitive damage verdict. The payment was received by the Company and appropriate settlement documents were executed. The net proceeds after payment of attorney fees and costs will be divided 31.5% to an unrelated loan participant and 68.5% to the Company. The net amount of proceeds to the Company was approximately $2,800,000. Republic First Bank (PA) and First Bank of Delaware (DE) are full-service, state-chartered commercial banks, whose deposits are insured by the Federal Deposit Insurance Corporation (FDIC). The Banks provide diversified financial products through their twelve offices located in Abington, Ardmore, Bala Cynwyd, East Norriton, and Philadelphia, Pennsylvania and Wilmington, Delaware. The Company may from time to time make written or oral "forward-looking statements," including statements contained 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, +1-215-735-4422, ext. 255

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