REPUBLIC FIRST BANCORP - FRBK STOCK NEWS

Republic First Bancorp (NASDAQ: FRBK) has reassured shareholders of its commitment to maximizing value amidst recent 13D filings from a shareholder group. The Board of Directors is reviewing the filings carefully, remaining open to any proposals to enhance shareholder value. They have engaged Keefe, Bruyette & Woods, a financial sector investment bank, to provide advice regarding these proposals. Shareholders are not required to take any action at this time, and further information will be provided as necessary.

Driver Management Company LLC has urged Republic First Bancorp (FRBK) to consider an acquisition offer from a group of investors, following a significant 19.65% increase in FRBK's stock price on February 2, 2022. The call for change aligns with the Norcross Group's assessment of the company's performance, indicating strong investor sentiment for a new direction. The letter from Driver Management stresses the need for substantial investment to maximize shareholder value.

Republic First Bancorp, Inc. (NASDAQ: FRBK) has announced the appointment of Gregory LiCalzi as Senior Vice President and Director of Nonprofit and Government Banking. He will oversee both new and existing nonprofit and municipal client relationships. His previous roles include senior positions at various investment banks, notably as Senior Vice President at Roosevelt & Cross. CEO Vernon W. Hill, II emphasized the strategic importance of LiCalzi's experience as the bank expands its services in the nonprofit sector. Republic Bank was recognized as America’s #1 Bank for Service in 2020.

Republic First Bancorp (NASDAQ: FRBK) reported a significant net income increase of 398% to $25.2 million for the year ending December 31, 2021, translating to $0.33 per diluted share. Q4-2021 net income rose to $6.1 million, up from $4.1 million in Q4-2020. Total revenue grew by 26% to $162 million, with deposits surging 29% to $5.2 billion. Non-interest expense was kept low, growing only 4%. Both asset quality and net interest margins improved, with a reduction in the cost of funds to 0.35%. The Bank is optimistic about 2022, planning expansions and enhancements to digital platforms.

Republic First Bancorp, Inc. (NASDAQ: FRBK) announced that it will release its financial results for Q4 2021 on January 20, 2022. A conference call is scheduled for the same day at 11:00 am EST to discuss these results. Republic Bank, a subsidiary of Republic First Bancorp, provides a range of financial products and has 33 locations in the Greater Philadelphia and surrounding areas. The bank is known for its customer convenience, including extended hours and a wide ATM network.

Republic First Bancorp, Inc. (NASDAQ: FRBK) has appointed Kelly Trimble as Vice President and Relationship Manager for their Marlton, New Jersey office. With over 15 years of banking experience, Trimble will enhance the bank's customer portfolio in South Jersey. Previously, she managed commercial loan growth at 1st Colonial Community Bank and was recognized in South Jersey Biz Magazine’s 20 Under 40 list in 2021. The bank is known for its high service quality and continues to expand its footprint in the region.

Republic First Bancorp (NASDAQ: FRBK) has received notice from Driver Management Company regarding its intention to nominate directors for the upcoming 2022 annual meeting. The Board is engaging with Driver to explore possible resolutions but faced conditions for interviews with the nominated candidates. The Board plans to provide recommendations in its proxy statement. Shareholders are encouraged to review forthcoming proxy materials for important information related to this matter.

Driver Management Company, a significant shareholder of Republic First Bancorp (FRBK), has issued two letters to the Board of Directors expressing concerns about CEO Vernon Hill's proposed capital raise. They argue this move would be highly dilutive for existing shareholders, as it aims to support a flawed business model that has historically resulted in poor performance.

Driver emphasizes the need for shareholders to voice their concerns to the Board, fearing a repetition of the issues seen with Metro Bank under Hill's leadership.

Republic First Bancorp (NASDAQ: FRBK) reported a significant financial turnaround for the nine-month period ending September 30, 2021, with net income rising to $19.1 million ($0.25 per diluted share) from $1.0 million ($0.02 per share) in the same period last year. Total revenue surged 30% year over year, driven by strong deposit growth of 27% to $5.0 billion. The bank’s cost of funds improved to 0.36%. Despite a reduction in total loans by 5%, excluding PPP loans led to a 15% increase in core loans. Asset quality is solid, with non-performing assets at just 0.25% of total assets.