Republic First Bancorp, Inc. Chairman Vernon Hill Named CEO
February 24 2021 - 10:16AM
Republic First Bancorp, Inc. (NASDAQ: FRBK), the parent company of
Republic Bank, today announced that Chairman Vernon W. Hill has
been named to the additional role of Chief Executive Officer at
both the Holding Company and the Bank. Harry D. Madonna, the
founder of the bank, will remain as President and Chairman Emeritus
of Republic First Bancorp, Inc.
Hill, the Founder and Chairman of Commerce
Bancorp, Inc., joined Republic Bank in 2008. Since then, he has led
the growth of the bank from $700 million in assets to $5.0 billion
as of December 31, 2020. Physical store count has increased from
eight to 31, with each location making a concerted effort to become
a valued part of the community in which they operate. Over the past
13 years, Republic Bank has become one of the top small business
lenders in the tri-state area, showcased most recently when it
originated $680 million in PPP loans to nearly 5,000 local
businesses. Hill’s unique approach to banking and focus on customer
service culminated in Republic Bank being named America’s #1 Bank
for Service in 2020 by Forbes.
“Since joining the Republic Bank team 13 years
ago, we’ve transformed a traditional commercial bank into a
customer-centric retail institution that embraces service,
convenience and innovation, creating FANS, not customers,” said
Hill. “Harry played a critical role in that, and I’m pleased he’ll
continue to be a part of our future success. This is only the
beginning for Republic and the legendary banking experience we
provide to our customers. I’m confident that the best is yet to
come.”
Madonna added, “When I founded Republic Bank in
1988, I couldn’t have imagined all that we’ve accomplished. It has
been the honor of my life to serve as CEO and work alongside the
most talented team in the business to change the way people think
about banking. I’m particularly thankful to Vernon for everything
he has done and know his passion for our brand will continue to
push Republic Bank to new heights. I look forward to staying on as
president and chairman emeritus, and to all that comes next.”
Whether banking in-person, online, via mobile or
over the phone, Republic Bank delivers an unmatched customer
experience and its modern stores, long hours, dog-friendly policies
and free services such as coin counting set it apart from
competitors large and small. The bank continues to expand its
footprint throughout Philadelphia, Southern New Jersey and New York
City as part of its “The Power of Red is Back” growth plan.
Republic Bank’s 31 stores are open seven days a week, 361 days a
year, with extended lobby and drive-thru hours, providing customers
incredible convenience and flexibility. The bank also offers
absolutely free checking, ATM/Debit cards and credit cards issued
on the spot and access to more than 55,000 surcharge free ATMs
worldwide via the Allpoint network.
About Republic First Bancorp,
Inc.
Republic First Bancorp, Inc. is the holding
company for Republic First Bank which does business under the name
Republic Bank. Republic 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 31 offices
located in Atlantic, Burlington, Camden and Gloucester Counties in
New Jersey; Bucks, Delaware, Montgomery and Philadelphia Counties
in Pennsylvania and New York County in New York. The bank also
offers a wide range of residential mortgage products through its
mortgage division, Oak Mortgage Company. For more information about
Republic Bank, please visit www.myrepublicbank.com.
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.
SOURCE: Republic First Bancorp, Inc.
CONTACTKelli
Sheatsley610-349-6910
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/199de648-4334-423b-a095-5b000b6f5883
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