REPUBLIC FIRST BANCORP - FRBK STOCK NEWS

Republic First Bancorp, Inc. (NASDAQ: FRBK) announced compliance with Nasdaq's Filing Requirement after submitting all necessary reports, including the 10-K for the fiscal year ended December 31, 2021, and various 10-Qs. However, the company faced a new compliance issue as their 2022 Form 10-K was not filed on time, which could impact their listing status. Nasdaq granted an extension until March 30, 2023, for the company to present a plan for the submission of the overdue report, with expectations to file by May 1, 2023.

Republic First Bancorp (NASDAQ: FRBK) announced a definitive agreement for a private placement of equity securities totaling $125 million at $2.25 per share. Affiliates of Castle Creek Capital are set to invest $60.725 million, with Cohen Private Ventures contributing $30 million. This capital raise aims to enhance shareholder value and support a strategic plan for profitability. The completion of the capital raise hinges on securing an additional $34.275 million from accredited investors. The transaction is expected to finalize in May 2023.

Republic First Bancorp (NASDAQ: FRBK) has issued a statement addressing disruptive actions by the Norcross-Braca Group, led by George E. Norcross. The company claims the group seeks to make a control-like investment on favorable terms while disregarding the interests of fellow shareholders. Despite initial agreement on a strategic review, the group continues public attacks and refuses to sign a non-disclosure agreement. Republic First emphasizes its new leadership is committed to long-term value creation, optimizing expenses, and pursuing strategic partnerships to enhance profitability.

Republic First Bancorp, Inc. (NASDAQ: FRBK) announced the appointment of Michael LaPlante as Senior Vice President and Chief Accounting Officer, effective January 17, 2023. LaPlante brings over 25 years of experience in financial and regulatory reporting, having previously served at Bryn Mawr Trust, managing a $20+ billion merger transition. Chief Financial Officer Michael Harrington expressed confidence in LaPlante's leadership, noting his significant experience in regional banking. Republic Bank operates 34 offices across New Jersey and Pennsylvania and offers a range of financial products, with FDIC-insured deposits.

Republic First Bancorp (NASDAQ: FRBK) announced it received notice from Nasdaq regarding non-compliance with Listing Rule 5620(a) due to failure to hold an annual shareholder meeting on time. This follows a prior notice about delayed Quarterly Reports. The company has until January 10, 2023, to present its compliance views to the Nasdaq Hearings Panel. If not granted an extension, it risks delisting. The company aims to regain compliance as it continues to offer banking services across various markets.

Republic First Bancorp, Inc. has appointed Thomas X. Geisel as CEO and Michael W. Harrington as CFO, effective immediately. Geisel brings over 20 years of banking experience from roles at Webster Bank, while Harrington has over 30 years in community banking, most recently at Bryn Mawr Trust. The new leadership aims to evaluate capital alternatives, restructure the balance sheet, and enhance customer experience through technology. Founder Harry Madonna will step down as Interim CEO but remain Chairman during this transition.

On November 14, 2022, Republic First Bancorp (NASDAQ: FRBK) received notification of non-compliance with Nasdaq's listing requirements due to the failure to file its Quarterly Report on Form 10-Q for the period ending September 30, 2022. The Company has been granted an extension until December 30, 2022, to file its delinquent reports. It has already filed its Annual Report for 2021 and a Quarterly Report for March 31, 2022. The Company is working to ensure compliance with the Nasdaq Rule.

Republic First Bancorp (NASDAQ: FRBK) is set to open a new store at 1998 Sproul Road, Broomall, PA, on November 5th. This marks the bank's third location in Delaware County, reinforcing its commitment to customer service. The grand opening celebration will feature various festivities, including a ribbon-cutting with Miss Pennsylvania 2022. The bank supports local communities through donations to local organizations. With 35 locations, Republic Bank also offers competitive banking services, free checking, and access to over 55,000 fee-free ATMs globally.