Republic First Announces $125 Million Equity Capital Raise to Support Execution of Strategic Plan to Drive Profitability and Enhance Shareholder Value

PHILADELPHIA--(BUSINESS WIRE)--Mar 10, 2023--

Republic First Bancorp, Inc. (NASDAQ: FRBK) (the “Company” or “Republic First”), the holding company for Republic First Bank d/b/a Republic Bank, today announced it has entered into a definitive agreement with certain accredited investors for a private placement of equity securities of the Company (the “Capital Raise”) in the aggregate amount of $125 million at a purchase price of $2.25 per share of Common Stock equivalent securities. The Capital Raise, which follows a strategic review process overseen by the Strategic Review Committee of Republic First’s Board of Directors (the “Board”), with the assistance of independent advisors, is intended to support the Company’s execution of a strategic plan to drive profitability and enhance shareholder value.

Affiliates of Castle Creek Capital (together with its affiliates and co-investors, “Castle Creek”), an alternative asset management firm that has more than three decades of experience constructively partnering with community banks, has committed to participate in the Capital Raise for an aggregate amount of $60.725 million. The firm has made more than 300 community bank investments, totaling $1.7 billion across eight private equity funds. As part of the Capital Raise, Castle Creek will have the right following the closing to appoint a director or an observer to the Board and any subsidiary bank Board of Directors. Additionally, an affiliate of Cohen Private Ventures, LLC (“Cohen Private Ventures”) has committed to participate in the Capital Raise on the same terms for an aggregate amount of $30 million.

Thomas Geisel, President and Chief Executive Officer of Republic First, commented: