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Republic First Bancorp, Inc. (OTCEM: FRBK), operating under the name Republic Bank, is a full-service, state-chartered commercial bank committed to delivering exceptional banking services. Headquartered in Philadelphia, Republic Bank stands out with a unique blend of innovation, customer-centric approach, and a distinctive brand that marries the conveniences of big banks with a personal, small-town feel.
Founded with a mission to prioritize customer satisfaction, Republic Bank caters to individuals, families, and businesses through 33 offices spread across New Jersey, Pennsylvania, and New York. Their services are designed to offer unmatched convenience, including features like open 7 days a week, absolutely free personal checking, free coin counting, and instant ATM/debit card issuance. Additionally, customers enjoy fee-free ATM access through the Allpoint network, and versatile banking options whether in-store, online, by phone, or mobile.
Recent strategic moves have marked significant milestones for Republic Bank. The institution announced a $35 million investment by the Norcross Braca Group as part of a larger $75 million capital raise. This investment aims at fortifying the bank's balance sheet and enhancing operational efficiencies. The reconstitution of the Board of Directors will see former TD Bank U.S. CEO Gregory B. Braca and other distinguished individuals joining, with Philip A. Norcross stepping in as the new Chairman. These changes are anticipated to usher in a new era of growth and enhanced shareholder value.
Republic Bank's financial strength is underscored by its diversified product offerings and a robust local decision-making process. The bank's dedication to 'fanatic customer service' ensures that every customer interaction exceeds expectations, further solidifying its reputation as one of the largest and most reliable banks based in Philadelphia.
For more information about Republic Bank and its wide array of services, visit myrepublicbank.com.
Republic First Bancorp, Inc. (FRBK) has promoted Steve McWilliams to Executive Vice President and Chief Lending Officer. With over 30 years of banking experience, McWilliams previously served as the Market President for Philadelphia Metro and played a key role in growing the bank's commercial loans by 186%, totaling $1.2 billion since 2009. His leadership is recognized for significantly impacting the lending team and the bank. McWilliams, a Philadelphia native, also actively contributes to community organizations.
The Board of Directors of Republic First Bancorp (NASDAQ: FRBK) responded to the Norcross Group's demand for $3.5M, which was rejected. The Board is committed to a strategic review process and has engaged in constructive discussions. Allegations from the Norcross Group, who accuse the Board of ignoring them, are disputed. The Board highlights its efforts to negotiate and conduct internal investigations linked to former management issues that have delayed financial audits. No immediate shareholder action is required.
On October 5, 2022, Republic First Bancorp (NASDAQ: FRBK) announced receipt of a delisting notice from Nasdaq due to non-compliance with filing requirements. The Company plans to request a hearing to stay further actions, presenting its compliance plan and seeking an extension. It was required to file its Annual Report for 2021 and Quarterly Reports for Q1 and Q2 2022 by September 27, 2022. The Company anticipates filing these reports in Q4 2022 but warns there is no assurance they will meet this timeline. Delisting could occur if compliance isn't regained.
Republic First Bancorp (NASDAQ: FRBK) announced a multi-year cooperation agreement with Driver Management Company, which owns 1,680,197 shares of the company. As part of this agreement, Peter B. Bartholow was appointed as an Independent Director to the Board, with a term expiring at the 2022 Annual Meeting. Driver Management has withdrawn its intent to nominate other director candidates and agreed to standstill provisions. The cooperation aims to benefit the company and its shareholders as they review their strategic direction.
The Board of Republic First Bancorp (NASDAQ: FRBK) acknowledged a proposal from the Norcross Group regarding an investment in the company. The Strategic Review Committee is committed to a thorough evaluation of this proposal as part of an ongoing strategic review process initiated on September 15, 2022. The Board notes the Norcross Group's refusal to sign a non-disclosure agreement, despite previous requests. Shareholders are advised that no action is required from them at this time, and the company does not have a set timetable for the conclusion of the review.
Republic First Bancorp, Inc. (NASDAQ: FRBK) has launched a strategic review following interest from multiple parties regarding potential transactions. The Board of Directors has formed a Strategic Review Committee to evaluate these inquiries alongside independent advisors such as Keefe, Bruyette & Woods. There is no guarantee of a transaction or strategic change, and no timeline has been established. The company will not discuss further actions until a decision has been made by the Board.
On August 11, 2022, Republic First Bancorp (NASDAQ: FRBK) received a notification from Nasdaq for failing to file its Quarterly Report for Q2 2022, following previous notices for late filings of its Annual Report for FY 2021 and Q1 2022 reports. The Audit Committee has engaged WilmerHale for an independent review of related party transactions and internal controls. While this notice does not immediately impact the listing status of FRBK's common stock, the company must regain compliance by September 27, 2022, to avoid potential delisting.
Republic First Bancorp has appointed Harry D. Madonna as Interim Chief Executive Officer and Executive Chair of the Board, following the resignation of Vernon W. Hill, Jr.. Mr. Madonna, a founder with over 30 years in banking, aims to enhance the company's performance and stakeholder value. Harris Wildstein returns as Lead Independent Director, while Andrew Cohen joins the Audit Committee. The leadership changes are expected to realign the company with its stakeholders during a critical phase.
Republic First Bancorp (NASDAQ: FRBK) has announced significant corporate governance changes aimed at enhancing shareholder value. Harry D. Madonna has been appointed as the Interim Board Chairman, while Lisa R. Jacobs steps in as Corporate Secretary. The Board has restructured its committee compositions, including the Audit, Nominating, and Compensation Committees. Additionally, the Company has terminated related-party contracts with Brian Communications and InterArch Design, to engage independent service providers. These moves are positioned to align Board interests more closely with those of shareholders.
Republic First Bancorp (NASDAQ: FRBK) announces a Special Meeting for shareholders to elect directors, following the appointment of Alfred W. Putnam, Jr. as Custodian by the court. This meeting will focus on filling a director vacancy after Theodore J. Flocco, Jr.'s passing. The record date for eligibility is June 24, 2022, with formal notice expected on June 28, 2022. The Custodian will not recommend any nominees, and shareholders wishing to nominate individuals must submit their intentions within a specified timeframe.
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