Boston, MA 05/19/2014 (wallstreetpr) – On Friday, Republic First Bancorp, Inc.(NASDAQ:FRBK) located in Philadelphia announced that it has concluded the private placement of$45 million of its common stock which was offered at $3.80 per share. It noted that the initial proposed offering of $25 million was further raised by $20 million on account of significant level of interest.
After considering the pro-forma effect to the private placement offering, the book value of the company’s share would have surged to $2.91 per share as on March 31, 2014 and it would have further increased by $0.40, after giving effect of reversing the deferred tax asset valuation allowance. Republic First Bancorp, Inc. (NASDAQ:FRBK) is expected to file a statement of registration with the SEC to register the sale of shares in the private placement.
As mentioned by Republic First Bancorp, Inc. (NASDAQ:FRBK), the capital received from the offering will be used to extend the reach of the bank through launch of new stores, pre-dominantly in the Philadelphia and Southern New Jersey, according to the company’s CEO and President, Harry D. Madonna. The bank has last launched its new and unique glass store on March 1, 2014 in Cherry Hill, New Jersey and is expected to launch another store in Voorhees, New Jersey on May 10, 2014. Alongside that, the bank also intends to open additional stores in Mount Holly, Marlton, Medford, Moorestown, Glassbro, Berlin, Washington Township and a 2nd store in Cherry Hill. Madonna said that they intend to launch the new stores in line with that of its new branch model in terms of look and performance. Madonna adds that the bank’s expansion plans symbolize its commitment to world class convenience and service.
Republic Bank is a holding company of Republic First Bancorp, Inc. (NASDAQ:FRBK), where the deposits are insured up to the notified limits by the Federal Deposit Insurance Corporation (FDIC).