Pennsylvania Commerce Bancorp Shareholders Approve Proposal to Acquire and Merge with Republic First Bancorp
19 Marzo 2009 - 8:04PM
Business Wire
Pennsylvania Commerce Bancorp Inc. (NASDAQ: COBH), holding
company of Commerce Bank/Harrisburg, announced that its
shareholders today approved its proposal to acquire and merge with
Republic First Bancorp Inc. (NASDAQ: FRBK), holding company of
Republic First Bank.
Pennsylvania Commerce shareholders also approved today a
proposal to amend the company�s articles of incorporation to
increase the number of authorized shares of Pennsylvania Commerce
common stock to 25,000,000. The increased number of authorized
shares will enable completion of the merger transaction pursuant to
the merger agreement.
Pennsylvania Commerce Bancorp and Republic First Bancorp will
combine to form Metro Bancorp Inc. With headquarters in Harrisburg
and Philadelphia, Metro Bancorp will have a network of 45+
convenient stores and pursue aggressive growth in Metro
Philadelphia, Southern New Jersey and Central Pennsylvania.
�With the acquisition of Republic First, we will instantly
expand our footprint by establishing a foothold in Metro
Philadelphia,� said Pennsylvania Commerce Bancorp Co-Founder,
Chairman, President and CEO Gary L. Nalbandian. �Of even greater
value is the power retailer that will result from this transaction.
Together as Metro Bank, we are going to create a more amazing
retail experience for even more customers, who are craving
convenience and world-class customer service more than ever.�
Commerce Bank/Harrisburg opened its first location in Camp Hill,
Pa., in 1985. From its inception, the company has followed the
industry-changing model originated by Vernon W. Hill, II,
co-founder of Commerce Bank/Harrisburg.
Mr. Nalbandian will become chairman, president and CEO of Metro
Bancorp. Mr. Madonna will become vice-chairman of Metro Bancorp.
Mr. Hill, currently a consultant for Republic First, will be one of
Metro Bancorp�s largest individual shareholders.
The transaction is expected to close in the second quarter of
2009, subject to regulatory approval.
About Pennsylvania Commerce Bancorp
Pennsylvania Commerce Bancorp Inc. is a financial services
retailer with 33 stores in the counties of Berks, Cumberland,
Dauphin, Lancaster, Lebanon and York. Headquartered in Harrisburg,
Pennsylvania Commerce Bancorp has more than $2 billion in assets.
Services include seven-day banking, free checking, free
instant-issue Visa check card, free coin-counting machines, free
online banking and 24/7 bank-by-phone. The bank also offers
commercial banking services including term loans, commercial
mortgages, lines of credit and cash management services. For more
information, visit the bank�s web site at commercepc.com.
Pennsylvania Commerce Bancorp and Commerce Bank/Harrisburg are not
affiliates of TD Bank.
About Republic First Bank
Republic First Bank is a full-service, state-chartered
commercial bank with assets of $1 billion. The bank provides
diversified financial products through its 12 offices located in
Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and
Philadelphia, Pennsylvania; and Voorhees, New Jersey.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements about
Pennsylvania Commerce Bancorp and Republic First Bancorp and the
proposed transaction between the companies. There are several
factors � many beyond the parties� control � that could cause
actual results to differ significantly from expectations described
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made and the companies do not
undertake any obligation to update them to reflect changes that
occur after that date. For a discussion of factors that may cause
actual results to differ from expectations, refer to each company�s
filings with the Securities and Exchange Commission (SEC) and
available on the SEC�s website at www.sec.gov.
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