Republic First plans 10% dividend

0 Comments | Philadelphia Inquirer, The, April, 2006 | by INQUIRER STAFF

Republic First Bancorp Inc. today announced a 10 percent stock dividend. It will be distributed on May 17 to shareholders of record on May 5.

The payout reflects the company's growth in earnings and other financial yardsticks, chairman Harry Madonna said in a statement. "We will continue to focus on our carefully selected niche lines of business, each of which continues to meet or exceed our current year's budget projections," he said.

In the quarter that ended March 31, Republic First reported earnings of $2.7 million, an increase of 26 percent from the same quarter last year.

Its shares were up 12 cents, or 0.8 percent, to $15.00 in late-morning Nasdaq trading.

The company's Republic First Bank has 11 branches in Philadelphia and the Pennsylvania suburbs.