Republic First Bancorp, Inc. Highlights Positive Impact of Recent Strategic Initiatives and Provides Corporate Updates
15 Mayo 2023 - 6:00AM
Republic First Bancorp, Inc. (NASDAQ: FRBK) (“Republic” or the
“Company”), the parent company of Republic First Bank d/b/a
Republic Bank (the “Bank”), today provided the below updates.
Based on the positive impact associated with new
leadership’s initial strategic initiatives and other
considerations, the Company’s Board of Directors (the “Board”) has
determined that the Bank has an adequate capital position at this
time. The Company’s recent initiatives include winding down both
its New York City commercial lending business and mortgage
origination business. These steps were taken to improve efficiency
in the near-term and support profitable growth within core service
markets over the long-term. In the coming weeks and months, new
leadership intends to implement additional initiatives to advance
its strategic realignment of the Bank.
On March 10, 2023, the Company announced a $125
million capital raise – which included commitments from seasoned
community bank investor Castle Creek Capital and an affiliate of
Cohen Private Ventures, LLC – that requires the participation of
additional accredited investors. The Board has decided to wait for
market conditions to stabilize before identifying additional
participants to round out the capital raise on acceptable terms.
Prior to reaching its determination, the Board worked with
independent legal and financial advisors to evaluate the Bank’s
near-term capital needs in the context of the recent market
dislocation and in keeping with its duties.
Thomas X. Geisel, President and CEO of Republic
First Bancorp, Inc., stated:
“The actions we have taken – and will continue
to take – are laying the foundation for a more efficient,
profitable business that can create enhanced value for all
shareholders and stakeholders. While recent initiatives are already
having a positive impact, they are just the first steps in our
strategic realignment of the Bank. We remain focused on taking
actions to preserve the Bank’s capital, strengthen our core
business, and position us to identify additional investor
commitments at the right time and on the right terms. Protecting
Republic’s valued shareholders from excessive and unnecessary
dilution is very important to us.”
About Republic Bank
Republic Bank is the operating name for 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 34 offices
located in Atlantic, Burlington, Camden, and Gloucester Counties in
New Jersey; Bucks, Delaware, Montgomery and Philadelphia Counties
in Pennsylvania and New York County in New York. For more
information about Republic Bank, please visit
myrepublicbank.com.
Forward Looking Statements
This press release, and oral statements made
regarding the subjects of this release, contains “forward-looking
statements” within the meaning of the Securities Litigation Reform
Act of 1995, or the Reform Act, which may include, but are not
limited to, statements regarding the Company’s estimates, plans,
objectives, expectations and intentions and other statements
contained in this press release that are not historical facts,
including statements identified by words such as “believe,” “plan,”
“seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and
similar expressions. All statements addressing the Company’s
ability to regain compliance with the Nasdaq listing requirements
and future operating results are forward-looking statements within
the meaning of the Reform Act. The forward-looking statements are
based on management’s current views and assumptions regarding
future events and operating performance, and are inherently subject
to significant uncertainties and contingencies and changes in
circumstances, many of which are beyond the Company’s control. The
statements in this press release are made as of the date of this
press release, even if subsequently made available by the Company
on its website or otherwise. The Company does not undertake any
obligation to update or revise these statements to reflect events
or circumstances occurring after the date of this press release.
You should carefully review the risk factors described in the Form
10-K for the year ended December 31, 2021 and other documents the
Company files from time to time with the Securities and Exchange
Commission (the “SEC”).
Important Additional Information
The Company intends to file a definitive proxy
statement and may file a WHITE proxy card with the SEC in
connection with the Company’s 2022 annual meeting of shareholders
(the “2022 Annual Meeting”) and, in connection therewith, the
Company, certain of its directors and executive officers will be
participants in the solicitation of proxies from the Company’s
shareholders in connection with such meeting. SHAREHOLDERS OF THE
COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT,
ACCOMPANYING WHITE PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH
THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE
AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE 2022 ANNUAL
MEETING. The Company’s definitive proxy statement for the 2021
annual meeting of shareholders contains information regarding the
direct and indirect interests, by security holdings or otherwise,
of the Company’s directors and executive officers in the Company’s
securities. Information regarding subsequent changes to their
holdings of the Company’s securities can be found in the SEC
filings on Forms 3, 4, and 5, which are available on the Company’s
website at http://investors.myrepublicbank.com or through the SEC’s
website at www.sec.gov. Information can also be found in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2021 on file with the SEC. Updated information regarding the
identity of potential participants, and their direct or indirect
interests, by security holdings or otherwise, will be set forth in
the definitive proxy statement and other materials to be filed with
the SEC in connection with the 2022 Annual Meeting. Shareholders
will be able to obtain the definitive proxy statement, any
amendments or supplements to the proxy statement and other
documents filed by the Company with the SEC at no charge at the
SEC’s website at www.sec.gov. Copies will also be available at no
charge at the Company’s website at
http://investors.myrepublicbank.com.
Contacts:
Longacre Square Partners Joe Germani / David
Reingold jgermani@longacresquare.com / dreingold@longacresquare.com
Republic First Bancorp (NASDAQ:FRBK)
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