Metro Bancorp and Republic First Bancorp Extend Merger Closing Deadline to March 31, 2010
December 22 2009 - 3:30PM
Business Wire
Metro Bancorp Inc. (NASDAQ: METR), formerly Pennsylvania
Commerce Bancorp Inc., and Republic First Bancorp Inc. (NASDAQ:
FRBK) today announced that a contractual deadline for the closing
of the merger of Republic First Bancorp into Metro Bancorp has been
extended to March 31, 2010.
The extension provides the companies additional time to obtain
required regulatory approvals for the merger. It also allows either
company, with notice to the other, to further extend the closing
deadline to June 30, 2010 if regulatory approvals are not obtained
by March 1, 2010.
Shareholders of Republic First Bancorp and Metro Bancorp
approved the merger on March 18, 2009 and March 19, 2009,
respectively.
The combined organization, which will operate under the Metro
Bank brand, will have total assets exceeding $3 billion, a network
of 45 stores and has plans for aggressive growth in Southern New
Jersey, Metro Philadelphia and Central Pennsylvania.
About Metro Bank
Metro Bank, subsidiary of Metro Bancorp Inc., is a financial
services retailer with 33 stores in the counties of Berks,
Cumberland, Dauphin, Lancaster, Lebanon and York. Headquartered in
Harrisburg, the bank’s services include seven-day banking, free
checking, free instant-issue Visa debit card, free coin-counting
machines, free online banking and 24/7 live customer service. The
bank also offers commercial banking services including term loans,
commercial mortgages, lines of credit and cash management services.
Metro Bank is the new name for the former Commerce Bank/Harrisburg.
For more information about Metro Bank, visit mymetrobank.com.
About Republic First Bank
Republic First Bank, subsidiary of Republic First Bancorp Inc.,
is a full-service, state-chartered commercial bank with assets of
approximately $952 million at September 30, 2009. The bank provides
diversified financial products through its 12 offices located in
Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and
Philadelphia, Pennsylvania; and Voorhees, New Jersey.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements about
Metro Bancorp Inc. and Republic First Bancorp Inc. and the proposed
transaction between the companies. There are several factors,
including the failure of the parties to obtain regulatory approvals
and others that are beyond the parties’ control, that could cause
actual results to differ significantly from expectations described
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made and the companies do not
undertake any obligation to update them to reflect changes that
occur after that date. For a discussion of factors that may cause
actual results to differ from expectations, refer to each company’s
filings with the Securities and Exchange Commission (SEC) which are
available on the SEC’s website at www.sec.gov.
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