PHILADELPHIA, July 26, 2016 /PRNewswire/ -- Republic First
Bancorp, Inc. (NASDAQ: FRBK), the parent company of Republic Bank,
today announced that it has entered into an agreement to acquire
Oak Mortgage Company, LLC, a residential mortgage company
headquartered in Marlton, NJ.
With services that are a perfect complement to Republic
Bank's existing lending capabilities, Oak Mortgage will maintain
its current business model and operate as a wholly owned subsidiary
of the Bank.
"Since the launch of 'The Power of Red is Back' expansion
campaign we have had tremendous success in winning over new Fans
and welcoming them into our new stores and at an unprecedented
pace," said Harry D. Madonna,
Chairman and Chief Executive Officer of Republic First Bancorp,
Inc. "Oak Mortgage embodies our core values of absolute
convenience and fanatical customer service. So they were a natural
fit for our growth strategy in the southeastern Pennsylvania and southern New Jersey market."
Oak Mortgage currently has an experienced team of 64
employees that specialize in the origination of residential
mortgage products. In 2015, Oak closed more than $330 million in mortgage loans. Backed by the
financial strength of Republic, Oak will have opportunities to
expand its product offerings and grow its business platform to
exciting new levels. The acquisition pairs Republic Bank's growing
Store network with Oak's expertise in the mortgage industry and
will offer added benefits to current and prospective customers of
both companies. Anyone that visits a Republic Bank store will now
have direct and immediate access to an experienced residential
mortgage lender and all customers of Oak mortgage will have full
access to the products and services of one of the fastest growing
financial institutions in the Philadelphia region.
Oak Mortgage was founded in 1997 and has established an
outstanding reputation as one of the premier residential mortgage
lenders in the Philadelphia
region. "This marks an exciting new beginning for Oak Mortgage and
we are thrilled to join the Republic Bank family," said
Bill Gelernt, President and founder
of Oak Mortgage. "Our employees have worked diligently over the
past two decades to build one of the top mortgage companies in this
region. As we now become part of Republic Bank, opportunities to
expand our business and enhance our brand will grow
dramatically."
Finalization of the transaction is subject to customary closing
conditions, including regulatory approval which has been
received. Closing is expected to occur on or before
August 1, 2016.
Building on the momentum of its aggressive growth plan referred
to as "The Power of Red is Back," Republic Bank continues to
rapidly expand its regional footprint. As one of the
largest Philadelphia-based retail banking institutions with 18
convenient locations, Republic Bank Stores are open seven days a
week, 361 days a year, with extended lobby and drive-thru hours,
providing customers with the longest hours of any bank in the area.
The bank also offers absolutely free checking, free coin counting,
ATM/Debit cards issued on the spot and access to more than 55,000
surcharge free ATMs worldwide via the Allpoint
network.
About Republic Bank
Republic Bank is the operating name for Republic First Bank.
Republic First Bank is a full-service, state-chartered commercial
bank, whose deposits are insured up to the applicable limits by the
Federal Deposit Insurance Corporation (FDIC). The Bank provides
diversified financial products through its 18 offices located in
Abington, Bala Cynwyd, Mayfair, Media, Philadelphia, Plymouth Meeting, Torresdale and Wynnewood, Pennsylvania and Berlin, Cherry
Hill, Glassboro,
Haddonfield, Marlton, Voorhees and Washington Township, New Jersey.
Forward Looking Statements
Republic First Bancorp, Inc. ("the Company") may from time to
time make written or oral "forward-looking statements", including
statements contained in this release and in the Company's filings
with the Securities and Exchange Commission. These
forward-looking statements include statements with respect to the
Company's beliefs, plans, objectives, goals, expectations,
anticipations, estimates, and intentions that are subject to
significant risks and uncertainties and are subject to change based
on various factors, many of which are beyond the Company's control.
These factors include competition, timing, credit risks of lending
activities, changes in general economic conditions, price pressures
on loan and deposit products, and other factors detailed from time
to time in the Company's filings with the Securities and Exchange
Commission. The words "may", "could", "should", "would", "believe",
"anticipate", "estimate", "expect", "intend", "plan", and similar
expressions are intended to identify forward-looking
statements. All such statements are made in good faith by the
Company pursuant to the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. The Company does not
undertake to update any forward-looking statement, whether written
or oral, that may be made from time to time by or on behalf of the
Company, except as may be required by applicable law or
regulations.
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SOURCE Republic First Bancorp, Inc.