Republic Bank Advances New Leadership’s Strategy by Enhancing Operational Efficiency and Initiating a Real Estate Evaluation
June 01 2023 - 4:32PM
Republic First Bancorp, Inc. (NASDAQ: FRBK) (the “Company”), the
parent company of Republic First Bank d/b/a Republic Bank (the
"Bank" or “Republic”), today announced that it is taking additional
steps to enhance operational efficiency within its Retail Banking
Division. These steps are expected to support Republic’s efforts to
adapt to evolving customer preferences, better leverage technology,
and realize cost and operating efficiencies in its core markets.
Initial measures include:
- Reducing operating hours at branch locations as a result of
customers’ growing use of Republic’s online, mobile banking and
Treasury Management resources.
- Merging the Bank’s 1818 Market Street location into its 1601
Market Street location, and subsequently reducing costs.
- Eliminating redundant or unnecessary positions across the
Division.
The aforementioned steps were informed by a thorough evaluation
of transaction volumes, market concentration, customer needs and
competitive dynamics in the banking sector.
In addition, Republic has engaged CBRE, a global real estate
services and investment firm, to evaluate the Bank’s real estate
and assist with the development of a comprehensive plan for the
portfolio.
Thomas X. Geisel, President and CEO of Republic Bank,
stated:
"All strategies have to evolve. As such, we need to evolve in
how we serve our customers. That includes where we’re located, the
products and services we provide, as well as the channels we
deliver through. By refocusing our Retail Banking Division and
winding down non-core business lines, we continue to lay the
foundation for a more efficient, profitable organization. Our new
leadership team looks forward to continuing to provide updates on
its progress and future initiatives.”
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 33 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. For more information
about Republic Bank, please visit
myrepublicbank.com.Forward-Looking Statements
This press release, and oral statements made regarding the
subjects of this release, contains “forward-looking statements”
within the meaning of the Securities Litigation Reform Act of 1995,
or the Reform Act, which may include, but are not limited to,
statements regarding the Company’s estimates, plans, objectives,
expectations and intentions and other statements contained in this
press release that are not historical facts, including statements
identified by words such as “believe,” “plan,” “seek,” “expect,”
“intend,” “estimate,” “anticipate,” “will,” and similar
expressions. All statements addressing the Company’s ability to
regain compliance with the Nasdaq listing requirements and future
operating results are forward-looking statements within the meaning
of the Reform Act. The forward-looking statements are based on
management’s current views and assumptions regarding future events
and operating performance, and are inherently subject to
significant uncertainties and contingencies and changes in
circumstances, many of which are beyond the Company’s control. The
statements in this press release are made as of the date of this
press release, even if subsequently made available by the Company
on its website or otherwise. The Company does not undertake any
obligation to update or revise these statements to reflect events
or circumstances occurring after the date of this press release.
You should carefully review the risk factors described in the Form
10-K for the year ended December 31, 2021 and other documents the
Company files from time to time with the Securities and Exchange
Commission.
Contacts:
Longacre Square Partners Greg Marose / David
Reingold gmarose@longacresquare.com
/ dreingold@longacresquare.com
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