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): June 16, 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
<PAGE>
Item 5. Other Events.
On June 16, 1998, the Registrant announced that effective June 17,
1998, the Board of Directors elected Jere A. Young President and Chief Executive
Officer of the Registrant.
Effective June 17, 1998, the Board of Directors of First Republic Bank
(the "Bank"), a wholly owned subsidiary of the Registrant, elected Mr. Young to
the Board of Directors of the Bank and appointed Mr. Young to the Executive
Committee of the Bank.
Effective June 17, 1998, the Board elected Rolf A. Stensrud Executive
Vice President of the Registrant. Mr. Stensrud remains a director of Registrant
and President and Chief Executive Officer of the Bank.
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: June 23 , 1998 By: /s/ George S. Rapp
George S. Rapp
Executive Vice President
Page 3 of 3 Page
Exhibit 99.1
(Republic First Bancorp, Inc. Letterhead)
NEWS RELEASE
FOR RELEASE:
IMMEDIATELY
Contact: George S. Rapp
215-735-4422
REPUBLIC FIRST BANCORP, INC. ANNOUNCES JERE A. YOUNG
AS PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE COMPANY
AND AS A DIRECTOR OF THE BANK
Philadelphia, PA, June 17, 1998 -- Republic First Bancorp, Inc. (NASDAQ:FRBK)
and its wholly-owned subsidiary, First Republic Bank of Philadelphia, PA,
announced effective June 17, 1998, the Board of Directors of the Company has
elected Jere A. Young as President and Chief Executive Officer of the Company
and as Director of the Bank.
Of recent date, Mr. Young has been engaged in various businesses and
investments through his company, Capital Advisory Group, Inc.
Mr. Young has also served as a director and interim President of First
Commercial Bank of Philadelphia, as well as Chairman of the Board and Chief
Executive Officer of Hansen Bancorp, Inc., a savings bank holding company, and
as a Director and President of Southeast National Bank of Pennsylvania. Prior to
that, Mr. Young was Vice President - Finance of Tasty Baking Co., Inc.
Rolf A. Stensrud is President and Chief Executive Officer of the Bank
and Executive Vice President of the Company.
Harry D. Madonna, Chairman of the Board of Directors of the Company and
the Bank, stated that, "the Board was excited to obtain the services of an
executive with Mr. Young's skill and experience." Madonna also said that,
"the Company's continued growth and success demanded that an executive of Mr.
Young's caliber take control of the Company's growth and work with present
management to assure the Company's continued progress."
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 Bancourp, (215) 735-4422 (FRBK)
