June 28, 2010 (FinancialWire) — Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic First Bank, said that it has completed its offering of 15 million shares of its common stock to the public at $2 per share.

Sandler O'Neill + Partners, L.P. and RBC Capital Markets Corp. (NYSE: RY) acted as co-book running managers for the offering.

Republic First said it will use the net proceeds of around $28.1 million from the offering will be used for general corporate purposes, including implementing the bank's retail and rebranding strategies, renovating its stores and adding new branches.  

The firm has granted the underwriters a 30-day option to purchase up to an additional 15% of the offered amount at the offering price to cover over-allotments, if any.

Pennsylvania-based Republic First Bank is a state-chartered commercial bank that provides diversified financial products through its twelve offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Voorhees, New Jersey.

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