Republic First Bancorp, Inc. Recent Calendar Comments
The Board of Directors Affirms Its Commitment as Trustees to Maximize Value
Shareholders are not required to take action at this time
PHILADELPHIA, Feb. 11 10, 2022 (GLOBE NEWSWIRE) — The Board of Directors (the “Board”) of Republic First Bancorp, Inc. (the “Bank”) (NASDAQ: FRBK), the holding company of Republic Bank, today announced that issued the following statement in response to recent Schedule 13D filings (the “Filings”) by a group of shareholders (the “Shareholder Group”) with the Securities and Exchange Commission:
“The Board is committed to fulfilling its fiduciary duty to the Bank, as well as to its shareholders and the communities the Bank serves. In accordance with this obligation, the Board continues to carefully and objectively examine the documents filed by the group of shareholders in the same way as it would evaluate the comments of any shareholder or third party. As a fiduciary, the Board remains open to any proposal aimed at maximizing value. The Board has retained Keefe, Bruyette & Woods, Inc. (“KBW”), a leading investment bank specializing exclusively in the financial industry, to advise the Board on any proposal. The board has also authorized KBW to communicate directly with the shareholder group regarding the filings. »
Shareholders are not required to take action at this time.
About the Bank of the Republic
Republic First Bancorp, Inc. is the holding company of Republic First Bank, which does business as Republic Bank. Republic Bank is a full-service, state-chartered commercial bank whose deposits are insured up to applicable limits by the Federal Deposit Insurance Corporation (FDIC). The Bank offers diversified financial products in its thirty-three stores located in Greater Philadelphia, Southern New Jersey and New York City. Republic Bank stores are open 7 days a week, 361 days a year, with extended lobby and drive-thru hours, providing customers with some of the most convenient hours of any bank in its market. The Bank offers free checks, free coin counting, locally issued ATM/debit cards, and access to more than 55,000 free ATMs worldwide through the Allpoint network. The Bank also offers a wide range of residential mortgage products through its Mortgage Division which does business as Oak Mortgage Company. For more information about Republic Bank, visit www.myrepublicbank.com.
Important additional information
The Company intends to file a proxy statement and proxy card with the Securities and Exchange Commission (the “SEC”) in connection with the Company’s 2022 annual meeting of shareholders and, In this regard, the Company, certain of its directors and officers will participate in the solicitation of proxies from the shareholders of the Company in connection with this meeting. SHAREHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ THIS PROXY ANNOUNCEMENT, THE ACCOMPANYING PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, CAREFULLY AND IN THEIR ENTIRETY, BECAUSE 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 stockholding or otherwise, of directors and executive officers. of the Company in the securities of the Company. Information regarding subsequent changes in their holdings of Company securities may be found in documents filed with the SEC on Forms 3, 4 and 5, which are available on the Company’s website at http: //investors.myrepublicbank.com/ or on the SEC website. at www.sec.gov. Information may also be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the SEC. Updated information regarding the identity of potential participants and their direct or indirect interests, by security holding or otherwise, will be set forth in the definitive proxy statement and other documents to be filed with the SEC as part of of the 2022 annual meeting of shareholders. 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 free of charge at the website of the SEC at www.sec.gov. Copies will also be available free of charge on the Company’s website at http://investors.myrepublicbank.com.
The Company may from time to time make written or oral “forward-looking statements”, including the statements contained in this release and in the Company’s filings with the SEC. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. For example, risks and uncertainties may arise with changes in: general economic conditions, including turmoil in financial markets and related efforts by government agencies to stabilize the financial system; the adequacy of our allowance for loan losses and our method of determining such allowance; adverse changes in our loan portfolio and credit risk related losses and expenses; concentrations within our lending portfolio, including our exposure to commercial real estate lending and our core service area; changes in interest rates; business conditions in the financial services industry, including competitive pressure among financial services companies, new service and product offerings by competitors, pricing pressures and the like; deposit flows; loan application; the regulatory environment, including changes in banking industry standards, changes in laws or regulations; impact of the Dodd-Frank Act on Wall Street reform and consumer protection; our securities portfolio and the valuation of our securities; the accounting principles, policies and guidelines as well as the estimates and assumptions used in the preparation of our financial statements; rapidly changing technology; litigation liabilities, including costs, expenses, settlements and judgments; the effects of health emergencies, including the spread of infectious diseases and pandemics; and other economic, competitive, governmental, regulatory and technological factors affecting our operations, prices, products and services. You should carefully review the risk factors described in Form 10-K for the fiscal year ended December 31, 2020 and other documents the company files from time to time with the Securities and Exchange Commission. The words “would”, “could be”, “should”, “probability”, “risk”, “target”, “goal”, “may”, “should”, “estimate”, “project”, “believe “, “intend”, “anticipate”, “plan”, “seek”, “expect” and similar expressions or variations of these 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 United States Private Securities Litigation Reform Act of 1995. The Company does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on behalf of the Company, except as required by applicable law or regulation.
|Source:||Republic First Bancorp, Inc.|
|Contact:||Frank A. Cavallaro, Chief Financial Officer|