Exhibit 99.1
                       Press Release date February 1, 1999

                                                          NEWS RELEASE
                                                          FOR RELEASE
                                                          IMMEDIATELY
                                                          Contact: Jere A. Young
                                                          215-735-4422



         Philadelphia,  PA.,  February 1, 1999 - (NASDAQ:FRBK).  Robert D. Davis
was  elected  President  and Chief  Executive  Officer of First  Republic  Bank,
effective  February 16, 1999, it was  announced  here today by Harry D. Modonna,
Esq., Chairman of the Board of First Republic Bank, and Jere A. Young, President
and CEO of the bank's parent company, Republic First Bancorp, Inc. Davis will be
directly  responsible  for all  aspects of the  bank's  overall  operations  and
performance. Immediately prior to being elected as President and Chief Executive
Officer of First  Republic  Bank,  Davis served as regional  President of Mellon
Bank PSFS in the Philadelphia and southern New Jersey region. From 1993 to 1995,
he was Chairman,  President and CEO of Mellon Bank,  Northern  Region.  Prior to
joining Mellon,  Davis served in various senior executive capacities with Marine
Midland   Bank,    N.A.,    Buffalo,    N.Y.,   which   included   Senior   Vice
President-Marketing services group, Senior Vice President and group executive of
new ventures and Administrative  Vice President  directing Marine Midland's Long
Island Region, which included 32 branch offices.

         In making the announcement, Young stated, "After a broad search, we are
delighted to have found someone of Mr. Davis' stature,  experience and knowledge
of our industry to take over the leadership of the  management  team of our bank
and to lead us into the next millennium. Bob Davis

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has an extensive  background  and record of success in all aspects of commercial
and retail banking and he is a tremendous addition to our management team."

         Davis currently is on the board of directors and executive committee of
the Boy Scouts of America,  Cradle of Liberty Council.  He previously  served on
the boards of the Greater Philadelphia Urban Affairs Coalition, Schuylkill River
Development  Counsel,  Mellon Bank  Community  Development  Corporation  and the
Filled Cup Association-Community Development Credit Union.

         Married and the father of six children, Davis and his wife, Edwina, are
residents of Malvern, PA.

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

         Contact:  Jere A.  Young of  Republic  First  Bancorp,  (215)  735-4422
(FRBK).


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