Exhibit 99.1
                       Press Release dated August 24, 1998

                                                                    NEWS RELEASE
                                                                     FOR RELEASE
                                                                     IMMEDIATELY
                                                         Contact: George S. Rapp
                                                          215-735-4422. Ext. 255


                     REPUBLIC FIRST BANCORP, INC. PARENT OF
                    FIRST REPUBLIC BANK ANNOUNCES THAT IT IS
                     IMPLEMENTING A STOCK REPURCHASE PROGRAM


Philadelphia, PA, Aug. 24, 1998 - Republic First Bancorp, Inc. (NASDAQ:FRBK),
parent company of First Republic Bank, announced today that it is implementing a
stock repurchase program.

         The repurchase program will be in effect from time to time for varying
periods from and after August 25, 1998, through and including June 30, 1999. The
aggregate amount of Bancorp stock to be repurchased will be determined by market
conditions but will not exceed 4.9%, or approximately 270,000 shares, of the
Company's issued and outstanding stock. The Company will execute the program
through open market purchases. Stock repurchased under the repurchase program
will be retired.

         A spokesperson for the Company stated that the repurchase program was
initiated because the Company believes its stock is undervalued by the market.
This action affirms the Company's confidence in the future value of the Company.

         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 Republic First Bancorp, (215) 735-4422
(FRBK)

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