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): October 2, 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)
Page 1 of 3 Pages
Item 5: Other Events
The Boards of Directors (the "Boards") of First Bank of Delaware (the
"Delaware Bank") and Republic First Bank (the "PA Bank"), each of which Bank is
a wholly-owned subsidiary of Republic First Bancorp, Inc. (the "Company") on
August 20, 2003 filed application with the Federal Reserve Board to withdraw
their memberships in the Federal Reserve Bank System (the "System") and filed
applications with the Federal Deposit Insurance Corporation (the "FDIC") to
continue deposit insurance. On September 26, 2003, the FDIC agreed to
continuation of insurance for the Delaware Bank and on September 30, 2003 the
Federal Reserve Board agreed to the withdrawal by the Delaware Bank from the
System effective September 30, 2003. The PA Bank has been advised that within
the next thirty (30) days its application to withdraw from the System will be
considered by the Federal Reserve Board and the FDIC and it is anticipated that
it also will become insured and regulated by the FDIC.
As part of the transition, the Delaware Bank entered into a Memorandum of
Understanding with the FDIC and the Office of the State Bank Commissioner
("Delaware Commissioner") which Memorandum of Understanding requires, among
other things, that in the event the FDIC and the Delaware Commissioner determine
that the short-term loan (payday loans) program of the Delaware Bank is not
operated in a safe and sound manner and request in writing that the Delaware
Bank cease making such short-term loans, the Delaware Bank will provide a
strategy for exiting the short-term loan program. After discussions with the
FDIC and the Delaware Commissioner, the Board of Directors of the Delaware Bank
determined to continue the short-term loan program in accordance with the
provisions of the guidelines issued by the FDIC and the laws and regulations of
the State of Delaware. The Company believes the continuation of the short-term
loan program will have a positive material effect on the earnings of the
Company.
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.
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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.
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: October 2, 2003 By: /s/ PAUL FRENKIEL
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Paul Frenkiel
Chief Financial Officer
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