SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF THE REPORT (Date of Earliest Event Reported): May 1, 1998
REPUBLIC FIRST BANCORP, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
PENNSYLVANIA 0-17007 23-2486815
(STATE OR OTHER JURISDICTION (COMMISSION FILE (I.R.S. EMPLOYER
OF INCORPORATION) NUMBER) IDENTIFICATION NO.)
1608 WALNUT STREET, PHILADELPHIA PA 19103
(ADDRESS AND ZIP CODE OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (215) 735-4422
(FORMER NAME OR FORMER ADDRESS, IF CHANGED FROM LAST REPORT)
Page 1 of 3 Pages
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Item 5. Other Events.
On May 22, 1998, the Registrant announced that its wholly owned
subsidiary, Republic Bank, Philadelphia, PA (the "Bank"), received notice from
Jackson-Hewitt, Inc. ("Jackson-Hewitt"), the Bank's associate in the Bank's Tax
Refund Program (the "Program"), that Jackson-Hewitt was reviewing the structure
of the Program with the Bank, and others, and, pending this review, it advised
the Bank that it would not renew its agreement with the Bank to supply funding
for the Program for the year 2000.
Under the Bank's existing agreement with Jackson-Hewitt, the program
will remain in effect through October, 1999 and will be effective for the 1999
tax season.
The Registrant further stated that the Bank is currently in discussions
with Jackson-Hewitt regarding the Bank's future participation in a revised tax
refund program.
A copy of the press release announcing this transaction is attached as
Exhibit 99.1.
Page 2 of 3 Pages
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
REPUBLIC FIRST BANCORP, INC.
(Registrant)
Dated: May 22, 1998 By:
George S. Rapp,
Executive Vice-President
Page 3 of 3 Pages
EXHIBIT 99.1
NEWS RELEASE
FOR RELEASE
IMMEDIATELY
Contact: George S. Rapp
215-735-4422
REPUBLIC FIRST BANCORP, INC., PARENT OF
FIRST REPUBLIC BANK, ANNOUNCES
CHANGES IN THE JACKSON HEWITT TAX PROGRAM
Philadelphia, PA, May 22, 1998 -- Republic First Bancorp, Inc. (NASDAQ:FRBK),
parent company of First Republic Bank, has been informed by Jackson-Hewitt,
Inc., the Bank's associate in the Bank's tax refund program, that Jackson-Hewitt
has decided to review the structure of the program with the Bank and others, and
pending this review, it has advised the Bank that it is not renewing its
agreement with the Bank for the program for the year 2000. However, under the
Bank's existing agreement with Jackson-Hewitt, the program will remain in effect
through October, 1999 and will be effective for the upcoming 1999 tax season.
The Company further stated that the Bank is currently in discussions
with Jackson-Hewitt relating to the Bank's future participation in a revised tax
refund program and other ventures.
First Republic Bank, Philadelphia, is a full-service, state chartered
commercial bank, a member of the Federal Reserve System and its deposits are
insured by the Federal Deposit Insurance Corporation (FDIC). The Bank provides
diversified financial products through its seven branch offices located in
Abington, Ardmore, Bala Cynwyd, East Norriton and Philadelphia.
First Republic Bank, Philadelphia, is not affiliated with First
Republic Bank, a Nevada chartered bank whose executive offices are in San
Francisco, California.
Contact George S. Rapp of First Republic Bancorp, 215-735-4422 (FRBK)
