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): November 28, 2001
REPUBLIC FIRST BANCORP, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
PENNSYLVANIA 0-17007 23-2486815
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(STATE OR OTHER JURISDICTION (COMMISSION FILE (I.R.S. EMPLOYER
OF INCORPORATION) NUMBER) IDENTIFICATION NO.)
1608 WALNUT STREET, PHILADELPHIA PA 19103
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(ADDRESS AND ZIP CODE OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (215) 735-4422
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED FROM LAST REPORT)
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Item 5. Other Events.
On November 28, 2001 Republic First Bancorp, Inc., through a pooled offering
arranged by Sandler O' Neill & Partners, issued $6 million of trust preferred
securities. The purpose of the issuance is to increase capital as a result of
the Company's continued loan and core deposit growth. The trust preferred
securities qualify as tier 1 capital for regulatory purposes, but are treated as
long-term debt for accounting purposes. The Company may call the securities on
any interest payment date after five years, without a prepayment penalty,
notwithstanding their stated 30-year maturity. The interest rate is variable and
adjustable semi annually at 3.75% over 6- month Libor with an initial rate is
6.007%. A rate cap of 11% is effective through the initial 5-year call date.
Sandler O'Neill & Partners indicated that the purchasers of the pool were
non-U.S. investors.
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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: December 3, 2001 By: /s/ PAUL FRENKIEL
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Paul Frenkiel
Chief Financial Officer
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