Metro Bancorp, Republic First extend deal deadline

AP News
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Posted: Dec 22, 2009 6:38 PM

A deadline for Metro Bancorp Inc. to acquire Republic First Bancorp Inc. has been extended until March 31, the companies said Tuesday.

Metro Bancorp, formerly Pennsylvania Commerce Bancorp, announced last year that it would buy Philadelphia-based Republic First for about $114 million.

The extension provides the companies extra time to obtain regulatory approvals for the deal, according to a statement by the companies. It also allows either company to further extend the closing deadline to June 30 if regulatory approvals are not obtained by March 1.

The combined organization, which will operate under the Metro Bank brand, will have total assets exceeding $3 billion and a network of 45 stores in Pennsylvania and New Jersey, the companies said.

Shares of Metro Bancorp fell 10 cents to finish the regular session at $11.47. Republic First shares slipped 6 cents to $4.10.