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): August 24, 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)
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Item 5. Other Events.
On August 24, 1998, the Registrant announced that it was implementing a
stock repurchase program (the "Repurchase Program"). Stock repurchases under the
Repurchase Program will be effected from time to time for varying periods from
and after August 25, 1998 through and including June 30, 1999 (the "Repurchase
Period"). The aggregate amount of Registrant's securities to be repurchased will
be determined by market conditions. However, the aggregate amount of
Registrant's securities to be repurchased will not exceed 275,000 shares of
Registrant's issued and outstanding securities. The Registrant will execute the
program through open market purchases. All repurchases are to be effected in
accordance with Rule 10b-18 promulgated under the Securities Exchange Act of
1934. Stock repurchased under the Repurchase Program will be retired.
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<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: September 1, 1998 By: _____________________________
George S. Rapp
Executive Vice President
Page 3 of 4 Page
Exhibit 99.1
Press Release dated August 24, 1998
NEWS RELEASE
FOR RELEASE
IMMEDIATELY
Contact: George S. Rapp
215-735-4422. Ext. 255
REPUBLIC FIRST BANCORP, INC. PARENT OF
FIRST REPUBLIC BANK ANNOUNCES THAT IT IS
IMPLEMENTING A STOCK REPURCHASE PROGRAM
Philadelphia, PA, Aug. 24, 1998 - Republic First Bancorp, Inc. (NASDAQ:FRBK),
parent company of First Republic Bank, announced today that it is implementing a
stock repurchase program.
The repurchase program will be in effect from time to time for varying
periods from and after August 25, 1998, through and including June 30, 1999. The
aggregate amount of Bancorp stock to be repurchased will be determined by market
conditions but will not exceed 4.9%, or approximately 270,000 shares, of the
Company's issued and outstanding stock. The Company will execute the program
through open market purchases. Stock repurchased under the repurchase program
will be retired.
A spokesperson for the Company stated that the repurchase program was
initiated because the Company believes its stock is undervalued by the market.
This action affirms the Company's confidence in the future value of the Company.
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 Republic First Bancorp, (215) 735-4422
(FRBK)
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