Republic Bank Appoints Michael LaPlante as Senior Vice President, Chief Accounting Officer

Rhea-AI Summary

Republic First Bancorp, Inc. (NASDAQ: FRBK) announced the appointment of Michael LaPlante as Senior Vice President and Chief Accounting Officer, effective January 17, 2023. LaPlante brings over 25 years of experience in financial and regulatory reporting, having previously served at Bryn Mawr Trust, managing a $20+ billion merger transition. Chief Financial Officer Michael Harrington expressed confidence in LaPlante's leadership, noting his significant experience in regional banking. Republic Bank operates 34 offices across New Jersey and Pennsylvania and offers a range of financial products, with FDIC-insured deposits.

Positive

• Appointment of Michael LaPlante expected to enhance financial oversight.
• LaPlante's extensive experience in financial reporting and mergers could strengthen the company's operations.

Negative

• Potential concerns about continuity during the management transition.

PHILADELPHIA, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ: FRBK) (the “Company”), the parent company of Republic First Bank d/b/a Republic Bank (the "Bank"), today has announced the appointment of Michael LaPlante as Senior Vice President, Chief Accounting Officer, effective January 17, 2023. Mr. LaPlante will be an integral leader on the finance team overseeing the Company's accounting functions, and will report directly to Chief Financial Officer, Michael Harrington.

Mr. LaPlante has more than 25 years of experience leading financial and regulatory reporting, accounting operations and financial planning and analysis teams (“FP&A"). Prior to joining the Company, Mr. LaPlante served as SVP, Chief Accounting Officer & Corporate Controller at Bryn Mawr Trust, where he led the $20+ billion merger efforts during the transition to WSFS Bank for Accounting, Reporting, FP&A and Treasury functions. Prior to his tenure at Bryn Mawr Trust, Mr. LaPlante held various senior positions at The Bank of Princeton, Deloitte, First National Bank of Chester County and Sun Bancorp.

“I am thrilled to be working with Mike again. He brings significant, diversified financial experience supporting regional banking,” said Michael Harrington, Chief Financial Officer of Republic Bank. “Mike is a proven leader and trusted business partner. His impact on the Bank will be far reaching, going well beyond those areas of direct responsibility. We look forward to working closely with him.”

Mr. LaPlante is a licensed Certified Public Accountant, and earned his Bachelor of Business Administration degree in Accounting from Philadelphia-based Temple University.

About Republic First Bancorp, Inc.

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 34 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. 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 / Dan Zacchei 
jgermani@longacresquare.com / dzacchei@longacresquare.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/29968bbe-ce32-4347-b7e9-c5d1283efd87

FAQ

Who is the new Chief Accounting Officer of Republic First Bancorp?

Michael LaPlante has been appointed as the new Chief Accounting Officer.

What experience does Michael LaPlante bring to Republic First Bancorp?

LaPlante has over 25 years of experience in financial reporting and previously led a major merger at Bryn Mawr Trust.

When did Michael LaPlante start his role at Republic First Bancorp?

He started his role as Chief Accounting Officer on January 17, 2023.

What is Republic First Bancorp's main business?

Republic First Bancorp operates Republic Bank, providing a range of financial products through its 34 offices in several states.

How might Michael LaPlante's appointment impact Republic First Bancorp?

His extensive financial experience is expected to enhance the company's accounting functions and overall financial performance.