Profile: Republic First Bancorp, Inc. (FRBK.O)

Republic First Bancorp, Inc., incorporated in 1987, is a bank holding company that provides banking services through Republic First Bank (Republic). The Company does not engage in any activities other than banking activities. During the year ended of December 31, 2008, the Company had total assets of approximately $952.0 million, total deposits of approximately $739.2 million and net loans receivable outstanding of approximately $774.7 million. The majority of such loans were made for commercial purposes. Republic’s primary business banking service area consists of the Greater Philadelphia region, including Center City Philadelphia and the northern and western suburban communities located principally in Montgomery and Delaware Counties in Pennsylvania and northern Delaware. Republic also serves the surrounding counties of Bucks and Chester in Pennsylvania, southern New Jersey and southern Delaware.

Republic First Bank is a commercial bank chartered and is subject to examination and regulation by the Federal Deposit Insurance Corporation (FDIC) and the Pennsylvania Department of Banking. The deposits held by Republic are insured up to applicable limits by the Deposit Insurance Fund of the FDIC. Republic conducts its principal banking activities through its six Philadelphia offices and six suburban offices in Ardmore, Plymouth Meeting, Bala Cynwyd and Abington, located in Montgomery County, Media, located in Delaware County, and Voorhees, located in southern New Jersey. As of December 31, 2008, Republic had total assets of approximately $949.9 million, total deposits of approximately $750.7 million and net loans receivable of approximately $774.7 million.

Republic offers many commercial and consumer banking services with an emphasis on serving the needs of individuals, small and medium-sized businesses, executives, professionals and professional organizations in its service area. Republic offers personalized service to both its small and medium-sized businesses and consumer customers. Republic offers both commercial and consumer deposit accounts, including checking accounts, interest-bearing demand accounts, money market accounts, certificates of deposit, savings accounts, sweep accounts, lockbox services and individual retirement accounts (and other traditional banking services). Republic actively solicits both non-interest and interest-bearing deposits from its borrowers.

Republic offers a range of loan and credit facilities to the businesses and residents of its service area, including secured and unsecured commercial loans, commercial real estate and construction loans, residential mortgages, automobile loans, home improvement loans, home equity and overdraft lines of credit and other products. Republic also maintains an investment securities portfolio. At December 31, 2008, approximately 70% of the aggregate dollar amount of the investment securities consisted of either United States Government debt securities or United States Government agency issued mortgage backed securities. The remainder of the securities portfolio consists of municipal securities, trust preferred securities, corporate bonds, and Federal Home Loan Bank (FHLB) securities.

Republic offers both commercial and consumer deposit accounts, including checking accounts, interest-bearing demand accounts, money market accounts, certificates of deposit, savings accounts, sweep accounts, lockbox services and individual retirement accounts (and other traditional banking services). Republic’s commercial loans range between $250,000 and $5.0 million, but customers may borrow larger amounts up to Republic’s legal lending limit of approximately $15.0 million. Republic has twelve automated teller machines (ATMs) at branch locations and two additional ATMs at a location in Southern New Jersey.

The Company competes with Wells Fargo, Citizens, PNC, Sovereign, TD Bank and Royal Bank America.