# EDGAR Filing Document

**Accession Number:** 0000834285
**File Stem:** 0001437749-23-006064
**Filing Date:** 2023-3
**Character Count:** 23617
**Document Hash:** 830de68000e2d4aac76471c88cdc68bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-23-006064.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001437749-23-006064

**CONFORMED SUBMISSION TYPE**: DEFA14A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REPUBLIC FIRST BANCORP INC
- **CENTRAL INDEX KEY:** 0000834285
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 232486815
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DEFA14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-17007
- **FILM NUMBER:** 23721516

**BUSINESS ADDRESS:**
- **STREET 1:** TWO LIBERTY PLACE
- **STREET 2:** 50 S. 16TH STREET SUITE 2400
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19102
- **BUSINESS PHONE:** 215-735-4422

**MAIL ADDRESS:**
- **STREET 1:** TWO LIBERTY PLACE
- **STREET 2:** 50 S. 16TH STREET SUITE 2400
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST REPUBLIC BANCORP INC /DE/
- **DATE OF NAME CHANGE:** 19960617

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EXECUFIRST BANCORP INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST EXECUTIVE BANCORP INC
- **DATE OF NAME CHANGE:** 19881113

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **March 10, 2023**

**REPUBLIC FIRST BANCORP, INC.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Pennsylvania** | **000-17007** | **23-2486815** |
| (State or other jurisdiction of incorporation or organization) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

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**50 South 16th Street, Suite 2400**

**Philadelphia, Pennsylvania 19102**

**(215) 735-4422**

(Address, including zip code, and telephone number, including area code, of

the registrant's principal executive offices)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

<u>Title of each class</u> <u>Trading Symbol(s)</u> <u>Name of each exchange on which registered</u> <br> Common Stock FRBK Nasdaq Global Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

&nbsp;&nbsp;&nbsp;&nbsp;☒ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**ITEM 8.01** – **OTHER EVENTS**

On March 10, 2023, Republic First Bancorp, Inc. (the "Company") issued a press release (the "Press Release") announcing the entry into a definitive agreement regarding a private placement of equity securities of the Company (the "Securities"). A copy of the Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

**FORWARD-LOOKING STATEMENTS**

Certain statements and information contained in this current report on Form 8-K may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. For example, risks and uncertainties can arise with changes in: general economic conditions, including turmoil in the financial markets and related efforts of government agencies to stabilize the financial system; the impact of the COVID-19 pandemic on our business and results of operation; geopolitical conflict and inflationary pressures including Federal Reserve interest rate hikes; the adequacy of our allowance for credit losses and our methodology for determining such allowance; adverse changes in our loan portfolio and credit risk-related losses and expenses; concentrations within our loan portfolio, including our exposure to commercial real estate loans; inflation; changes to our primary service area; changes in interest rates; our ability to identify, negotiate, secure and develop new branch locations and renew, modify, or terminate leases or dispose of properties for existing branch locations effectively; business conditions in the financial services industry, including competitive pressure among financial services companies, new service and product offerings by competitors, price pressures and similar items; deposit flows; loan demand; the regulatory environment, including evolving banking industry standards, changes in legislation or regulation; our securities portfolio and the valuation of our securities; accounting principles, policies and guidelines as well as estimates and assumptions used in the preparation of our financial statements; rapidly changing technology; our ability to regain compliance with Nasdaq Listing Rules 5250(c)(1) and 5620(a); the failure to consummate the transactions contemplated in the Press Release; the failure to maintain current technologies; failure to attract or retain key employees; our ability to access cost-effective funding; fluctuations in real estate values; litigation liabilities, including costs, expenses, settlements and judgments; and other economic, competitive, governmental, regulatory and technological factors affecting our operations, pricing, products and services. You should carefully review the risk factors described in the Annual Report on Form 10-K for the year ended December 31, 2021, and other documents the Company files from time to time with the Securities and Exchange Commission. The words "would be," "could be," "should be," "probability," "risk," "target," "objective," "may," "will," "estimate," "project," "believe," "intend," "anticipate," "plan," "seek," "expect" and similar expressions or variations on such expressions are intended to identify forward-looking statements. All such statements are made in good faith by the Company pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. We do not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company, except as may be required by applicable law or regulations.

For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise.

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The Securities will be offered and sold only to accredited investors pursuant to an exemption from registration under the Securities Act of 1933. The Securities have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state laws.

This news release shall not constitute an offer to sell or a solicitation of an offer to purchase the Securities or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

The Company intends to file a definitive proxy statement and may file a WHITE proxy card with the SEC in connection with the Company's 2022 annual meeting of shareholders (the "2022 Annual Meeting") and, in connection therewith, the Company, certain of its directors and executive officers will be participants in the solicitation of proxies from the Company's shareholders in connection with such meeting. SHAREHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT, ACCOMPANYING WHITE PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE 2022 ANNUAL MEETING. The Company's definitive proxy statement for the 2021 annual meeting of shareholders contains information regarding the direct and indirect interests, by security holdings or otherwise, of the Company's directors and executive officers in the Company's securities. Information regarding subsequent changes to their holdings of the Company's securities can be found in the SEC filings on Forms 3, 4, and 5, which are available on the Company's website at http://investors.myrepublicbank.com/ or through the SEC's website at www.sec.gov. Information can also be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 on file with the SEC. Updated information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the definitive proxy statement and other materials to be filed with the SEC in connection with the 2022 Annual Meeting. Shareholders will be able to obtain the definitive proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC at no charge at the SEC's website at www.sec.gov. Copies will also be available at no charge at the Company's website at http://investors.myrepublicbank.com.

**ITEM 9.01** – **FINANCIAL STATEMENTS AND EXHIBITS**

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| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| **99.1** | [Press release of the Company, dated March 10, 2023.](ex_486837.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  |  | **<u>REPUBLIC FIRST BANCORP, INC.</u>** |
|  |  | (Registrant) |
| Date: | March 10, 2023  | /s/ Michael W. Harrington |
|  |  | Michael W. Harrington |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

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

*Affiliates of Castle Creek Capital to Lead Investment Round at a Purchase Price of $2.25 Per Share of Common Stock Equivalent Securities* 

*Company to Benefit from Director or Board Observer Identified by Affiliates of Castle Creek, a Leading Community Bank Investor*

PHILADELPHIA, March 10, 2023 (GLOBE NEWSWIRE) -- 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:

"This Capital Raise, which is a testament to the strength and potential of Republic First's brand and business, positions us to accelerate execution of a strategic plan that targets profitability and enhanced value for stakeholders. We appreciate the confidence that Castle Creek has shown in our reconstituted leadership team and new vision. Partnering with an experienced bank investor allows us to not only improve our balance sheet, but also draw on Castle Creek's extensive community banking acumen and success. We are also fortunate that Cohen Private Ventures, which is a meaningful current investor, believes in our vison and opportunity by committing to significantly add to its investment.

Although we have significant work in front of us, completing our strategic review and strengthening Republic First's financial position are important milestones on the path to long-term value creation."

The consummation of the Capital Raise is conditioned on other accredited investors committing to purchase an additional $34.275 million on the same terms. Additional investors will come from a pool identified by the Company and its advisors. The Capital Raise was negotiated and recommended by the Strategic Review Committee of the Board following its review and evaluation of multiple inquiries from third parties regarding potential transactions and alternative strategies. The participation of Cohen Private Ventures was negotiated at arm's length.

Tony Scavuzzo, Managing Principal of Castle Creek, added:

"We look forward to supporting Tom, the team, and the Board of Directors. Our unique operating experience plus decades of investing in community banks prepares us well to help drive value creation going forward."

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**Structure**

The Capital Raise includes (i) Common Stock of the Company, par value $0.01 per share ("Common Stock"), (ii) Series B Convertible Preferred Stock, par value $0.01 ("Series B Preferred Stock"), authorized by the Board through the Company's existing blank check preferred provision, which will have no voting rights and be economically equivalent to 10 shares of Common Stock and which, upon the authorization of the Non-Voting Common Stock, will automatically convert into 10 shares of Non-Voting Common Stock for each share of Series B Preferred Stock, (iii) Non-voting common stock of the Company, par value $0.01 ("Non-Voting Common Stock"), to be authorized and issued post-closing upon receipt of shareholder approval and which may be converted into Common Stock at the option of the holder if, following such conversion, the holder will own no more than 9.9% of the outstanding shares of Common Stock, or in connection with specified permitted transfers, and (iv) Warrants issued to Castle Creek to purchase Series B Preferred Stock/Non-Voting Common Stock as further described below ("Warrants" and together with the Common Stock, Series B Preferred Stock and Non-Voting Common Stock, the "Securities").

At closing, in exchange for the cash consideration of $2.25 per share of Common Stock equivalent securities on an as-converted basis, the Company will issue to each purchaser a mix of voting Common Stock and Series B Preferred Stock agreed by the Company and the purchaser. In consideration of Castle Creek's role as the anchor investor, the Company will also issue to Castle Creek a Warrant for 1,300,000 shares of Non-Voting Common Stock (or equivalent Series B Preferred Stock) with a strike price of $2.25 per share of Non-Voting Common Stock. The Warrant has a seven-year term and is subject to anti-dilution adjustments for non-cash dividends, non-cash distributions, stock splits, subdivisions, reclassifications or combinations of Common Stock. The Capital Raise is expected to close in May 2023.

Additional information about the Capital Raise, including a copy of the definitive agreement, will be provided in a Current Report on Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission (the "SEC") and will be available at www.sec.gov.

**Advisors**

Keefe, Bruyette & Woods, *A Stifel Company* is serving as exclusive placement agent and Vinson & Elkins L.L.P. and Luse Gorman PC are serving as legal advisors to the Company. Squire Patton Boggs (US) LLP is serving as legal advisor to the placement agent. Sidley Austin LLP is serving as legal advisor to Castle Creek.

**<u>About Republic Bank</u>**

Republic First Bancorp, Inc. is the holding company for Republic First Bank, which does business under the name Republic Bank. Republic Bank is a full-service, state-chartered commercial bank, whose deposits are insured up to the applicable limits by the Federal Deposit Insurance Corporation (FDIC). The Bank provides diversified financial products through its thirty-four stores located in Greater Philadelphia, Southern New Jersey, and New York City. Republic Bank stores have extended lobby and drive-thru hours providing customers with some of the most convenient hours compared to any bank in its market. The Bank offers free checking, coin counting, ATM/debit cards issued on the spot and access to more than 55,000 surcharge free ATMs worldwide via the Allpoint Network. The Bank also offers a wide range of residential mortgage products through its mortgage division, which does business under the name of Oak Mortgage Company.

**<u>About Castle Creek Capital</u>**

Castle Creek is an alternative asset management firm focused on the community banking industry. Located in San Diego, California and Dallas, Texas, the firm has been a leading investor in community banking since its inception in 1990, having raised and managed eight private equity funds and multiple special situations funds.

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**<u>Forward Looking Statements</u>**

The Company may from time to time make written or oral "forward-looking statements", including statements contained in this release and in the Company's filings with the SEC. These forward-looking statements include statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, estimates, and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company's control. These factors include competition, timing, credit risks of lending activities, changes in general economic conditions, price pressures on loan and deposit products, the failure to consummate the Capital Raise, and other factors detailed from time to time in the Company's filings with the SEC. The words "may", "could", "should", "would", "believe", "anticipate", "estimate", "expect", "intend", "plan", and similar expressions are intended to identify forward-looking statements. All such statements are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company, except as may be required by applicable law or regulations.

**<u>Important Additional Information</u>**

The Company intends to file a definitive proxy statement and may file a WHITE proxy card with the SEC in connection with the Company's 2022 annual meeting of shareholders (the "2022 Annual Meeting") and, in connection therewith, the Company, certain of its directors and executive officers will be participants in the solicitation of proxies from the Company's shareholders in connection with such meeting. SHAREHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT, ACCOMPANYING WHITE PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE 2022 ANNUAL MEETING. The Company's definitive proxy statement for the 2021 annual meeting of shareholders contains information regarding the direct and indirect interests, by security holdings or otherwise, of the Company's directors and executive officers in the Company's securities. Information regarding subsequent changes to their holdings of the Company's securities can be found in the SEC filings on Forms 3, 4, and 5, which are available on the Company's website at http://investors.myrepublicbank.com/ or through the SEC's website at www.sec.gov. Information can also be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 on file with the SEC. Updated information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the definitive proxy statement and other materials to be filed with the SEC in connection with the 2022 Annual Meeting. Shareholders will be able to obtain the definitive proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC at no charge at the SEC's website at www.sec.gov. Copies will also be available at no charge at the Company's website at http://investors.myrepublicbank.com.

The Securities will be offered and sold only to accredited investors pursuant to an exemption from registration under the Securities Act of 1933. The Securities have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state laws.

This news release shall not constitute an offer to sell or a solicitation of an offer to purchase the Securities or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

**<u>Contacts</u>**

Longacre Square Partners<br> Joe Germani / Greg Marose, 646-386-0091<br> <u>jgermani@longacresquare.com</u> / <u>gmarose@longacresquare.com</u>