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September 01, 2020 1:29pm
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Driver Management Releases Letters Sent to the Board of Directors of Republic First Bancorp, Inc.

Believes Board Must Prevent CEO Vernon Hill From Orchestrating a Repeat of the Widely-Reported Metro Bank Disaster

Hopes Fellow Shareholders Contact the Board Regarding Mr. Hill’s Desired Capital Raise, Which Would be Highly-Dilutive and Utilized to Support a Fundamentally Flawed Business Model

Driver Management Company LLC (together with its affiliates, “Driver” or “we”), a sizable shareholder of Republic First Bancorp, Inc. (NASDAQ: FRBK) (“Republic” or the “Company), today released two letters recently sent to the Company’s Board of Directors (the “Board”). The letters can be downloaded and reviewed at

Abbott Cooper, Driver’s Managing Member, stated:

“We are deeply troubled by the prospect of Republic pursuing a highly-dilutive capital raise – at the direct expense of existing shareholders – to support a flawed business model that has produced dismal returns for far too long. It is not lost on shareholders that a dollar invested in Republic five years ago is worth significantly less today. We question how any board of directors could even consider subjecting shareholders to punitive dilution on the heels of such significant underperformance. We urge the Board to prevent Vernon Hill from diluting shareholders and leading Republic down the path of Metro Bank, which saw massive destruction of shareholder value as a result of Mr. Hill’s obsession with an unworkable business model.

We have sent two letters to the Board detailing the reasons why it should abandon any plans for a capital raise. Both letters were sent in compliance with the procedures for communicating with directors that have been outlined in Republic’s proxy statements. We are troubled by the fact that we have not yet received confirmation from management that our letters have been delivered to the Company’s directors. We are now sharing our letters with the market, and we hope any shareholders with similar concerns about the value of their investment will contact the Board immediately. We suspect other investors are just as fearful as we are that Mr. Hill will repeat his recent history at Republic.”

About Driver Management Company

Driver employs a valued-oriented, event-driven investment strategy that focuses exclusively on equities in the U.S. banking sector. The firm’s leadership has decades of experience advising and engaging with bank management teams and boards of directors on strategies for enhancing shareholder value. For information, visit


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