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): June 27, 2003
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
The Board of Directors (the "Board") of First Bank of Delaware (the
"Bank"), a wholly-owned subsidiary of Republic First Bancorp, Inc. (the
"Company") determined that the Bank will cease selling participations in
short-term loans (known as payday loans) to Republic First Bank, an affiliated
bank, effective June 23, 2003 and will cease making short-term loans effective
October 31, 2003. The Board of the Bank made its determination based on
materially increased regulatory requirements for participation in that line of
business that the Bank does not believe it can satisfy. The Bank believes that
these changes permit termination of contracts between the Bank and the companies
which assist it in making such loans . The Company believes the Bank's
discontinuation of the short-term lending program will have a material adverse
affect on the Company's earnings but because of the phase out of the lending
program, a calculation of the earnings loss cannot be reasonably determined at
this time.
The Company may from time to time make written or oral "forward-looking
statements", including statements contained in the Company's filings with the
Securities and Exchange Commission. 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. 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. The complete text of this form 8-k
should be regarded as a forward-looking statement.
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.
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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.
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(Registrant)
Dated: June 27, 2003 By: /s/ PAUL FRENKIEL
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Paul Frenkiel
Chief Financial Officer
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