Republic First, Pennsylvania Commerce merger on track to close in second quarter

By Lisa Kerner

Charlotte, N.C., March 19 - Republic First Bancorp Inc. shareholders and Pennsylvania Commerce Bancorp Inc. shareholders approved a merger of the two companies at separate special meetings on Wednesday and Thursday.

Pennsylvania Commerce shareholders also approved a proposal to amend the company's articles of incorporation to increase the number of authorized shares of its common stock to 25 million to complete the merger transaction, a company news release said.

The merger is expected to close in the second quarter, according to Pennsylvania Commerce.

In November, Pennsylvania Commerce and Republic First agreed to combine in a tax-free all-stock transaction to form Metro Bancorp Inc. with headquarters in Harrisburg and Philadelphia.

Under the companies' merger agreement, Republic First shareholders will receive between 0.34 and 0.38 of a share of Pennsylvania Commerce common stock, calculated on the basis of $10 per share of Republic First common stock.

The actual exchange ratio will be based on the average closing price of Pennsylvania Commerce common stock for a set period of 20 consecutive trading days preceding the effective date of the merger, the companies said.

Pennsylvania Commerce is the holding company of Commerce Bank/Harrisburg.

Philadelphia-based Republic First is the holding company of Republic First Bank.

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