UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
July 19, 2023
Date of Report (Date of earliest event reported)
REPUBLIC FIRST BANCORP INC
(Exact name of registrant as specified in its charter)
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Pennsylvania
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000-17007
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23-2486815
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(State or other jurisdiction
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(Commission File Number)
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(IRS Employer
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of incorporation)
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Identification No.)
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50 South 16th Street, Suite 2400, Philadelphia, Pennsylvania
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19102
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(Address of principal executive offices)
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(Zip Code)
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(215) 735-4422
Registrant’s telephone number, including area code
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock
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FRBK
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Nasdaq Global Market
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule
12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □
Item 8.01. Other Events.
On July 19, 2023, Republic First Bancorp, Inc. (the “Company”) issued a press release announcing that Linda Sanchez had been appointed as
Executive Vice President and Chief People Officer of the Company, effective July 17, 2023. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No.
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Description
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Press Release dated July 19, 2023
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104
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Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).
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Forward Looking Statements
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 Commission. The forward-looking statements contained in this disclosure, are subject to certain risks and uncertainties that could cause actual
results to differ materially from those projected in the forward-looking statements. The Company and its operations are subject to numerous risks and uncertainties that include: general economic conditions, including turmoil in the financial
markets and related efforts of government agencies to stabilize the financial system; the impact of the COVID-19 pandemic on our business and results of operation; geopolitical conflict and inflationary pressures including Federal Reserve
interest rate hikes; the effect of potential recessionary conditions; the adequacy of our allowance for credit losses and our methodology for determining such allowance; adverse changes in our loan portfolio and credit risk-related losses and
expenses; concentrations within our loan portfolio, including our exposure to commercial real estate loans; inflation; changes to our primary service area; changes in interest rates; our ability to identify, negotiate, secure and develop new
branch locations and renew, modify, or terminate leases or dispose of properties for existing branch locations effectively; business conditions in the financial services industry, including competitive pressure among financial services companies,
new service and product offerings by competitors, price pressures and similar items; deposit flows; loan demand; the regulatory environment, including evolving banking industry standards, changes in legislation or regulation; our securities
portfolio and the valuation of our securities; accounting principles, policies and guidelines as well as estimates and assumptions used in the preparation of our financial statements; rapidly changing technology; our ability to regain compliance
with Nasdaq Listing Rules 5250(c)(1) and 5620(a); the failure to maintain current technologies; failure to attract or retain key employees; our ability to access
cost-effective funding; fluctuations in real estate values; litigation liabilities, including costs, expenses, settlements and judgments; and other economic, competitive, governmental, regulatory and technological factors affecting our
operations, pricing, products and services. You should carefully review the risk factors described in the Form 10-K for the fiscal year ended December 31, 2021 and other documents the Company files from time to time with the Securities and
Exchange Commission. The words “would be,” “could be,” “should be,” “probability,” “risk,” “target,” “objective,” “may,” “will,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect” and similar expressions or
variations on such 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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REPUBLIC FIRST BANCORP, INC.
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Dated: July 19, 2023
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By:
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/s/ Michael W. Harrington
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Name:
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Michael W. Harrington
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Title:
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Chief Financial Officer
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FOR IMMEDIATE RELEASE
Republic Bank Further Enhances Senior Leadership Team with Appointment of
Linda Sanchez as Executive Vice President and Chief People Officer
PHILADELPHIA, July 19, 2023 (GLOBE NEWSWIRE) – Republic First Bancorp, Inc. (NASDAQ: FRBK) (“Republic” or the “Company”), the parent company of Republic First Bank d/b/a Republic Bank (the “Bank”), today announced the appointment of Linda Sanchez as Executive Vice President and Chief People Officer (“CPO”), effective July 17, 2023. Ms. Sanchez brings more than 25 years of
experience in human resources, administration, and operations across the financial and professional services sectors. She will report directly to Thomas X. Geisel, President and CEO.
As CPO, Ms. Sanchez will oversee the financial and strategic aspects of human
capital planning, as well as talent acquisition and retention, training and development, corporate benefits, and compensation. She will also spearhead Republic Bank’s Diversity, Equity & Inclusion (“DEI”) efforts, continuing its culture of
inclusivity and reinforcing the Bank's commitment to an environment where everyone can thrive and succeed.
Mr. Geisel commented:
"We are thrilled to welcome Linda to our Executive Leadership Team as Chief People Officer. This is another important step in a series of actions we are
taking to strengthen our senior leadership and position Republic to execute on our value-enhancing strategy. It is also a testament to our ability to attract impressive and talented individuals who recognize the exciting opportunities that lay ahead.
Linda’s human resources expertise, combined with her commitment to fostering a diverse and inclusive workplace, will make her an invaluable asset to the organization. We are excited about what Linda brings to the table and believe she will play a key
role in shaping our overall organizational strategy and building an even stronger and more diverse culture."
Ms. Sanchez has built a strong reputation for instituting effective human resources strategies, including in her most recent role as Chief People Officer at
Diversified Search Group. Prior to this role, she held the position of Chief Human Resources Officer at The Bryn Mawr Trust Company where she effectively created and implemented a DEI program for the benefit of all the company’s employees as well as
its other key stakeholders. Ms. Sanchez has also served in executive roles at other reputable financial groups throughout her career. She received a B.S. is Human Development and Family Studies from Pennsylvania State University and holds several
other professional certifications. She actively participates in various non-profit boards and other professional affiliations.
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, Cape May,
and Gloucester Counties in New Jersey; Bucks, Delaware, Montgomery and Philadelphia Counties in Pennsylvania, and New York City. 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
Joe Germani / David Reingold
jgermani@longacresquare.com/ dreingold@longacresquare.com