Exhibit 99.1

FOR IMMEDIATE RELEASE

DATE: October 28, 2004
CONTACT:  Paul Frenkiel


                REPUBLIC FIRST BANCORP ANNOUNCES CONSIDERATION OF
                PROPOSED PLAN TO SPIN-OFF FIRST BANK OF DELAWARE



Philadelphia, PA, October 28, 2004 - Republic First Bancorp, Inc. (the
"Company") (Nasdaq: FRBK) today announced that its Board of Directors is
considering a plan to divide the corporation into two separate public companies,
serving two distinct geographic and product markets in Delaware and
Pennsylvania. This plan would be consummated by spinning off the Company's
wholly owned subsidiary, First Bank of Delaware ("First Bank") to existing
shareholders through a tax-free dividend.

"Both the management and the Board of Directors of the Company have been
exploring and evaluating various strategic alternatives for providing superior
returns and value to shareholders. Based on these analyses, we concluded that
separating the principal subsidiaries along geographic lines was the preferred
way to fully unlock the true value of the company," said Harry Madonna, Chief
Executive Officer of the Company.

If the spin-off were to occur, it is contemplated that shareholders will receive
shares of common stock in First Bank relative to their share ownership in the
Company. Holders of Company common stock will continue to own their
proportionate share of the Company. It is anticipated that shares of First Bank
would trade on the Pink Sheets if the spin-off is consummated.

Under the plan, First Bank will maintain its headquarters located in Wilmington,
Delaware. First Bank will have total assets of approximately $50 million and 2
full-service banking offices located throughout Delaware.

The remaining segments of the Company would continue to operate as Republic
First Bank, its Pennsylvania subsidiary, with headquarters to be located in
Philadelphia, Pennsylvania. Republic First Bank, would have total assets of
approximately $650 million and operate 9 offices in Pennsylvania.

The Company applied for and has received a private letter ruling from the
Internal Revenue Service confirming that the distribution of the shares of First
Bank to Company shareholders will be tax-free to the Company and its
shareholders. Subject to all necessary regulatory filings and approvals,
satisfaction of customary closing conditions




and approval by the  Company's  Board of  Directors,  the  proposed  spin-off is
expected  to be  completed  during the first  quarter of 2005.  Current  Company
shareholders  will not be  required to take any action in  connection  with this
transaction.  The Company has engaged Sandler O'Neill & Partners, L.P. to advise
it on the proposed spin-off.

"It is usually difficult to realize the full value of disparate lines of
business when companies are combined in the same corporate structure and
represented by the same common stock. Once separated, each of the common stocks
of First Bank of Delaware and Republic First Bank can be valued by reference to
the profitability, growth and risks of their respective businesses, and
hopefully, will allow each company to grow beyond the point which they would
have reached as one company," said Madonna.

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Some   of  the   information   presented   in  this   announcement   constitutes
forward-looking  statements  made pursuant to the safe harbor  provisions of the
Private  Securities  Litigation Reform Act of 1995.  Forward-looking  statements
represent the  Company's  judgment  regarding  future  events,  and are based on
currently  available  information.  Although  the  Company  believes  it  has  a
reasonable  basis for  these  forward-looking  statements,  the  Company  cannot
guarantee their accuracy and actual results may differ materially from those the
Company anticipated due to a number of known and unknown uncertainties,  many of
which the Company is not aware.  Factors  which could  cause  actual  results to
differ from expectations include, among others, (1) whether the spin-off will be
consummated;  (2) competitive  pressures among depository  institutions increase
significantly;  (3) prepayment speeds,  loan sale volumes,  charge-offs and loan
loss  provisions;  (4)  general  economic  conditions  are less  favorable  than
expected;  (5) legislative or regulatory changes adversely affect the businesses
in which the Company is engaged; or (6) changes in the securities  markets.  For
additional  information  concerning  these and other important  factors that may
cause the Company's  actual results to differ  materially from  expectations and
underlying  assumptions,  please refer to the reports  filed by the Company with
the Securities and Exchange Commission.