REPUBLIC FIRST BANCORP, INC. ANNOUNCES STRATEGIC REVIEW
Republic First Bancorp, Inc. (NASDAQ: FRBK) has launched a strategic review following interest from multiple parties regarding potential transactions. The Board of Directors has formed a Strategic Review Committee to evaluate these inquiries alongside independent advisors such as Keefe, Bruyette & Woods. There is no guarantee of a transaction or strategic change, and no timeline has been established. The company will not discuss further actions until a decision has been made by the Board.
- Interest from multiple parties indicates potential value or attractiveness of the company.
- Formation of a Strategic Review Committee suggests proactive management in exploring opportunities.
- No assurance that the strategic review will result in a successful transaction, highlighting uncertainty.
- Indefinite timeline for the review may lead to prolonged uncertainty for investors.
Receives Inquiries Regarding Potential Strategic Transactions
PHILADELPHIA, Sept. 15, 2022 /PRNewswire/ -- Republic First Bancorp, Inc. (NASDAQ: FRBK) (the "Company"), the holding company for Republic First Bank d/b/a Republic Bank, announced today that it is initiating a strategic review (the "Strategic Review") in light of inquiries by multiple parties expressing interest in one or more potential strategic transactions with the Company.
The Board of Directors (the "Board") of the Company has established a strategic review committee of the Board (the "Strategic Review Committee") to review the recent inquiries and to evaluate, together with independent advisors, including Keefe, Bruyette & Woods, Inc., a leading investment bank specializing in the financial sector, a range of potential transactions and alternative strategies. The Strategic Review Committee will seek to enter into non-disclosure agreements with the parties that are interested in potential transactions with the Company.
There can be no assurance that the Strategic Review will result in one or more transactions or other strategic change or outcome. The Company has not set a timetable for the conclusion of the Strategic Review, and it does not intend to comment further unless and until the Board has approved a specific course of action or the Company has otherwise determined that further disclosure is appropriate or required by law.
Republic First Bancorp, Inc. is the holding company for Republic First Bank, which does business under the name Republic Bank. Republic Bank is a full-service, state-chartered commercial bank, whose deposits are insured up to the applicable limits by the Federal Deposit Insurance Corporation (FDIC). The Bank provides diversified financial products through its thirty-four stores located in Greater Philadelphia, Southern New Jersey, and New York City. Republic Bank stores have extended lobby and drive-thru hours providing customers with some of the most convenient hours compared to any bank in its market. The Bank offers free checking, free coin counting, ATM/debit cards issued on the spot and access to more than 55,000 surcharge free ATMs worldwide via the Allpoint Network. The Bank also offers a wide range of residential mortgage products through its mortgage division, which does business under the name of Oak Mortgage Company. For more information about Republic Bank, visit www.myrepublicbank.com.
The Company may from time to time make written or oral "forward-looking statements", including statements contained in this release and in the Company's filings with the Securities and Exchange Commission (the "SEC"). These forward-looking statements include statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, estimates, and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company's control. These factors include competition, timing, credit risks of lending activities, changes in general economic conditions, price pressures on loan and deposit products, and other factors detailed from time to time in the Company's filings with the SEC. The words "may", "could", "should", "would", "believe", "anticipate", "estimate", "expect", "intend", "plan", and similar expressions are intended to identify forward-looking statements. All such statements are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company, except as may be required by applicable law or regulations.
The Company intends to file a proxy statement and may file a proxy card with the SEC in connection with the Company's 2022 Annual Meeting of Shareholders (the "2022 Annual Meeting") and, in connection therewith, the Company, certain of its directors and executive officers will be participants in the solicitation of proxies from the Company's shareholders in connection with such meeting. SHAREHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT, ACCOMPANYING PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE 2022 ANNUAL MEETING. The Company's definitive proxy statement for the 2021 annual meeting of shareholders contains information regarding the direct and indirect interests, by security holdings or otherwise, of the Company's directors and executive officers in the Company's securities. Information regarding subsequent changes to their holdings of the Company's securities can be found in the SEC filings on Forms 3, 4, and 5, which are available on the Company's website at http://investors.myrepublicbank.com/ or through the SEC's website at www.sec.gov. Information can also be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 on file with the SEC. Updated information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the definitive proxy statement and other materials to be filed with the SEC in connection with the 2022 Annual Meeting. Shareholders will be able to obtain the definitive proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC at no charge at the SEC's website at www.sec.gov. Copies will also be available at no charge at the Company's website at http://investors.myrepublicbank.com.
Contact: | David Neff | Michael Gaimari |
Neff | Neff | |
C: 215-681-6333 | C: 609-805-6433 | |
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SOURCE Republic First Bancorp, Inc.
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