Republic First Bancorp, Inc. Names Peter Musumeci as Market President for Metro New York

Rhea-AI Summary

Republic First Bancorp (NASDAQ: FRBK) has appointed Peter Musumeci as Market President for Metro New York, overseeing New York City, Long Island, Westchester County, and Northern New Jersey. Musumeci previously served as Chief Credit Officer at Commerce Bancorp and has been a consultant for Republic Bank. The bank, which currently operates two stores in Manhattan, plans further expansion in the area. Chairman Vernon W. Hill II emphasized Musumeci's significant role in the bank's success in Metro New York.

Positive

• Appointment of Peter Musumeci as Market President for Metro New York, enhancing leadership.
• Musumeci's extensive experience, previously at Commerce Bancorp, could drive growth.
• Plans for more store openings in Manhattan indicate future expansion and potential revenue increase.

Negative

• None.

PHILADELPHIA, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced that its subsidiary, Republic Bank, named Peter Musumeci as the Market President for Metro New York, including New York City, Long Island, Westchester County and Northern New Jersey.

Mr. Musumeci was Chief Credit Officer and Chief Lender for Commerce Bancorp, Inc. from 1974 to 2007. During that period, Commerce grew to $50 billion in assets including its major expansion into Metro New York.

Recently, Mr. Musumeci has been a consultant to Republic Bank assisting the credit and lending team focused on Metro New York.

Mr. Musumeci is a member of the Board Directors of Republic Bank.

Vernon W. Hill, II, Chairman and CEO of Republic First Bancorp and Republic Bank said:

“Peter Musumeci has been my partner for 47 years, successfully growing first Commerce Bank and now Republic Bank. His experience in Metro New York was a key to our success. We are very pleased to have Mr. Musumeci lead our New York team. Republic Bank currently has two stores and a lending team in Manhattan with much more to come.”

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 32 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

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. The forward-looking statements contained herein, are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. For example, risks and uncertainties can arise as a result of the negative impacts and disruptions of the COVID-19 pandemic and measures taken to contain its spread on our employees, customers, business operations, credit quality, financial position, liquidity and results of operations; the length and extent of the economic contraction as a result of the COVID-19 pandemic; continued deterioration in general economic conditions; changes in customer behavior; changes in the adequacy of our allowance for loan losses and our methodology for determining such allowance; adverse changes in our loan portfolio and credit risk-related losses and expenses; changes in concentrations within our loan portfolio, including our exposure to commercial real estate loans, and to our primary service area; changes in interest rates; our ability to identify, negotiate, secure and develop new store locations and renew, modify, or terminate leases or dispose of properties for existing store 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; changes in deposit flows and loan demand; the regulatory environment, including evolving banking industry standards, changes in legislation or regulation; our securities portfolio and the valuation of our securities; changes in accounting principles, policies and guidelines as well as estimates and assumptions used in the preparation of our financial statements; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters and future pandemics; 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 Annual Report on Form 10-K for the year ended December 31, 2020 and other documents we file 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 us pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. We do 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 us, except as may be required by applicable law or regulations.

SOURCE: Republic First Bancorp, Inc.

CONTACT
Frank Cavallaro
(215) 735-4422

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0663d1bf-c36b-4c90-a7ad-3eacc58b8c56

FAQ

Who is the new Market President for Republic First Bancorp in Metro New York?

Peter Musumeci has been appointed as the Market President for Metro New York.

What is the significance of Peter Musumeci's appointment for Republic First Bancorp?

His experience is expected to enhance the bank's operations and growth in the Metro New York area.

How many stores does Republic Bank currently have in Manhattan?

Republic Bank operates two stores in Manhattan.

What was Peter Musumeci's previous role before joining Republic Bank?

He was Chief Credit Officer and Chief Lender for Commerce Bancorp from 1974 to 2007.