Exhibit 99.1




FOR IMMEDIATE RELEASE

DATE:  January 31, 2005
CONTACT: Paul Frenkiel, (215) 735-4422




                        REPUBLIC FIRST BANCORP ANNOUNCES
                       EXPECTED COMPLETION OF SPIN-OFF OF
                             FIRST BANK OF DELAWARE



Philadelphia,  PA,  January  31,  2005  -  Republic  First  Bancorp,  Inc.  (the
"Company")  (Nasdaq:  FRBK)  today  announced  that it expects to  complete  the
distribution at the close of the market today, in a spin off transaction, of its
equity interest in First Bank of Delaware ("FBD") to Company  shareholders.  The
shares of FBD are  expected to be mailed to Company  shareholders  who owned the
stock as of January 31, 2005 shortly.

As a result of the spin off,  the  Company  will no  longer  have any  ownership
interest in FBD, and FBD will be an  independent  public  company.  Beginning on
February 1, 2005,  the  Company's  stock will trade without the right to receive
the dividend of FBD common stock.

FBD is in the process of arranging  for its common stock to be quoted on the OTC
Bulletin Board following the date of the  distribution  under the symbol "FBOD."
FBD's stock is expected to begin  trading on the OTC Bulletin  Board on or about
February 1, 2005. No current public trading market for FBD common stock exists.

An  information  statement  describing  the  distribution  was mailed to Company
shareholders  on or about  January 10, 2005.  Company  shareholders  will not be
required to pay cash or other  consideration when the FBD shares are distributed
to them or to  surrender  or exchange  their  shares of Company  common stock to
receive the distribution.

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

The Company's  remaining  subsidiary  will continue to operate as Republic First
Bank, with headquarters  located in Philadelphia,  Pennsylvania.  Republic First
Bank, will have total assets of approximately $650 million and operate 9 offices
in Pennsylvania.

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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) whether a trading market will develop for FBD common stock; (3)
competitive pressures among depository institutions increase significantly;  (4)
prepayment speeds, loan sale volumes,  charge-offs and loan loss provisions; (5)
general economic  conditions are less favorable than expected;  (6) legislative,
regulatory  changes or developments in litigation  which could adversely  affect
the businesses in which the Company is engaged; or (7) 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.