Mergers & Acquisitions

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Deal Overview

Buyer:
Pennsylvania Commerce Bancorp, Inc.
Actual Acquirer:
Pennsylvania Commerce Bancorp, Inc.
Target:
Republic First Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
11/7/2008
Announcement Date:
11/10/2008
Announced Deal Value ($ M):
123.77
Status:
Terminated
Completion Date:
3/15/2010
Announced Deal Value Per Share ($ )
10.00

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 133.9 NA
Price / Tangible Book (%) 133.9 NA
Price / Earnings (x) NM NA
Price / Deposits (%) 16.97 NA
Price / Assets (%) 12.83 NA
Tangible Book Premium/ Deposits (%) 8.37 NA
Deal Terms
Description of Consideration

Pennsylvania Commerce Bancorp Inc. would have paid $10.00 in common stock for each share of Republic First Bancorp Inc. Exchange ratio was subject to adjustment based on the average closing price of Pennsylvania Commerce's 20 consecutive trading days preceding the completion date of the merger. SNL deal value calculation also included shares associated with Republic First Bancorp's convertible trust preferred.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 8,082
Estimated Cost Savings (%) 20.00
Estimated Cost Savings ($ 000) 5,000
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 5,000.00
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 7,587
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Mette Evans & Woodside
Seller Yes Pepper Hamilton LLP