PHILADELPHIA, Aug. 19, 2020 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced that it has priced an offering of $50 million of preferred stock.
Vernon W. Hill, II, Chairman of Republic First Bancorp said:
“This offering provides us with the capital resources to continue with our growth strategy. In recognition of our unwavering commitment to extraordinary customer service and convenience our FANS responded to a recent Forbes survey and Republic was ranked as America’s #1 Bank for Service. The goal of our model is to create FANS NOT CUSTOMERS, who join our brand, remain loyal and refer family and friends. Republic Bank continues to demonstrate strong results with deposit growth of 28% and loan growth of 25% excluding the impact of the PPP loan program as of June 30, 2020.”
Additional Information Regarding the Offering
The Company expects to close the transaction, subject to customary closing conditions, on August 26, 2020 and expects to use the proceeds for general corporate purposes. Keefe, Bruyette & Woods, Inc. and Piper Sandler & Co. acted as placement agents for the offering.
About Republic Bank
Republic Bank, a subsidiary of Republic First Bancorp, Inc., 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 thirty stores located in Greater Philadelphia, Southern New Jersey and New York City. Republic Bank stores are open 7 days a week, 361 days a year, with extended lobby and drive-thru hours providing customers with some of the most convenient hours compared to any bank in its market. The Bank offers free checking, free coin counting, ATM/Debit cards issued on the spot and access to more than 55,000 surcharge free ATMs worldwide via the Allpoint Network. The Bank also offers a wide range of residential mortgage products through its mortgage division which does business under the name of Oak Mortgage Company. For more information about Republic Bank, visit www.myrepublicbank.com.
