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 1, 1998, the Registrant announced the formation of a strategic alliance
with Fidelity Bond & Mortgage Company ("Fidelity") and Phoenix Mortgage
Company("Phoenix"). First Republic Bank, a state member bank of the Federal
Reserve System and a wholly-owned subsidiary of the Registrant, acquired 47% of
Fidelity common stock, the shareholders of Phoenix acquired 33% of Fidelity
common stock, and the existing Fidelity shareholders retained 20% of Fidelity
common stock. A copy of the press release announcing this transaction is
attached as Exhibit 99.1.
Page 2 of 3 Pages
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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 8, 1998 By: /s/ ROLF A. STENSRUD
Rolf A. Stensrud,
President
Page 3 of 3 Pages
Exhibit 99.1
REPUBLIC FIRST BANCORP, INC.
News Release
FOR RELEASE:
IMMEDIATELY
Contact: George S. Rapp
215-735-4422
REPUBLIC FIRST BANCORP, INC. SIGNS
STRATEGIC ALLIANCE WITH
FIDELITY BOND & MORTGAGE COMPANY AND
PHOENIX MORTGAGE COMPANY
PHILADELPHIA, May 1, 1998 - Republic First Bancorp, Inc.'s (NASDAQ-FRBK)
subsidiary, First Republic Bank, today announced the closing of a joint venture
with Fidelity Bond & Mortgage Company and Phoenix Mortgage Company to provide
full-service mortgage banking services to the bank's business region and beyond.
Under the terms of the agreement, the owners of Fidelity Bond retained a 20%
interest in the Company. First Republic acquired 47% of Fidelity Bond for
approximately $1.6 million cash. Phoenix and its principals (or stockholders)
acquired 33% of Fidelity Bond in a stock for stock exchange. Fidelity Bond and
Phoenix will merge their respective operations.
Fidelity Bond & Mortgage is a full service mortgage banking operation
licensed to do business in 48 states and has over $630 million in its mortgage
loan servicing portfolio, and has been doing business in the Philadelphia
marketplace for over 57 years. Phoenix Mortgage has operated in the Philadelphia
area for approximately eight years and is a significant mortgage producer with
annual originations in excess $200 million. Donald L. Salmon, the president of
Phoenix Mortgage, will assume the position of president & chief executive
officer of the combined company.
Republic First Bancorp, Inc. is a Philadelphia-based bank holding company.
Its subsidiary, First Republic Bank, has assets of approximately $457 million
and markets diversified financial products through seven branch offices located
in Abington, Ardmore, Bala Cynwyd, East Norriton and Philadelphia. First
Republic Bank is a member of the Federal Reserve System and its deposits are
insured by the Bank Insurance Fund, administered by the Federal Deposit
Insurance Corporation (FDIC).
<PAGE>
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 Republic First Bancorp, 215-735-4422 (FRBK).
