Metro Bancorp, formerly Pennsylvania Commerce Bancorp, and Republic First Bancorp have extended the contractual deadline for the closing of the merger of Republic First Bancorp into Metro Bancorp, to October 31, 2009.
The extension is expected to provide both the companies additional time to obtain required regulatory approvals for the merger. It also allows either company, with notice to the other, to further extend the closing deadline to December 31, 2009, if regulatory approvals are not obtained by September 30, 2009.
The combined entity, which will operate under the Metro Bank brand, will have total assets exceeding $3 billion and a network of 45 stores. It has plans for aggressive growth in Central Pennsylvania, Metro Philadelphia and Southern New Jersey.
Metro Bank, a subsidiary of Metro Bancorp, is a financial services retailer. It offers instant-issue Visa debit card, free coin-counting machines, free online banking and 24/7 live customer services. The bank also offers commercial banking services including term loans, commercial mortgages, lines of credit and cash management services.
Republic First Bank is a subsidiary of Republic First Bancorp. The bank provides diversified financial products through its 12 offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania; and Voorhees, New Jersey.
