EXHIBIT 99.1


                                                    NEWS RELEASE
                                                    FOR RELEASE
                                                    IMMEDIATELY
                                                    Contact:  George S. Rapp
                                                    215-735-4422

                     REPUBLIC FIRST BANCORP, INC., PARENT OF
                         FIRST REPUBLIC BANK, ANNOUNCES
                    CHANGES IN THE JACKSON HEWITT TAX PROGRAM

Philadelphia,  PA, May 22, 1998 -- Republic First Bancorp,  Inc.  (NASDAQ:FRBK),
parent  company of First  Republic  Bank,  has been informed by  Jackson-Hewitt,
Inc., the Bank's associate in the Bank's tax refund program, that Jackson-Hewitt
has decided to review the structure of the program with the Bank and others, and
pending  this  review,  it has  advised  the Bank  that it is not  renewing  its
agreement  with the Bank for the program for the year 2000.  However,  under the
Bank's existing agreement with Jackson-Hewitt, the program will remain in effect
through October, 1999 and will be effective for the upcoming 1999 tax season.

         The Company  further  stated that the Bank is currently in  discussions
with Jackson-Hewitt relating to the Bank's future participation in a revised tax
refund program and other ventures.

         First Republic Bank, Philadelphia,  is a full-service,  state chartered
commercial  bank,  a member of the Federal  Reserve  System and its deposits are
insured by the Federal Deposit Insurance  Corporation  (FDIC). The Bank provides
diversified  financial  products  through its seven  branch  offices  located in
Abington, Ardmore, Bala Cynwyd, East Norriton and Philadelphia.

         First  Republic  Bank,  Philadelphia,  is  not  affiliated  with  First
Republic  Bank,  a Nevada  chartered  bank whose  executive  offices  are in San
Francisco, California.

         Contact George S. Rapp of First Republic Bancorp, 215-735-4422 (FRBK)