First Resource Bank Celebrates The Promotion of Lauren Ranalli to President & Chief Executive Officer And The Retirement of former CEO, Glenn Marshall

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First Resource Bancorp, Inc. (OTCQX: FRSB) appoints Lauren Ranalli as the new President & CEO, succeeding Glenn Marshall after 19 years. Ranalli, a co-founder of the Bank, brings extensive banking and finance experience to lead the company towards growth and success.

EXTON, Pa., April 1, 2024 /PRNewswire/ -- Today marks a significant milestone for First Resource Bancorp, Inc. (OTCQX: FRSB), the holding company for First Resource Bank, as they proudly announced the appointment of Lauren Ranalli as the new President & Chief Executive Officer, succeeding Glenn Marshall who has retired after 19 years of dedicated service to the company. Ranalli, who co-founded the Bank alongside Marshall in 2005, steps into her new role with a wealth of experience and a steadfast commitment to the Bank's mission and values.

The decision to promote Ranalli to President & CEO was first announced in September of 2023 following Glenn Marshall's announcement of his retirement, which is effective as of today. Having long served as the Bank's Chief Financial Officer and most recently as President, Ranalli's extensive background in banking and finance puts her in a position to steer First Resource Bank toward continued growth and success. Marshall, who played an integral role in shaping the foundation of First Resource Bank, leaves behind a legacy of leadership, innovation, and unwavering dedication to our clients and community.

Reflecting on the transition, Ranalli expressed her gratitude for the opportunity to lead First Resource Bank into its next chapter. "It's an honor to assume the role of President & CEO of First Resource Bank," said Ranalli. "Glenn and I embarked on this journey together back in 2005, and I am deeply committed to upholding the principles and vision we established. Glenn's mentorship, guidance, and unwavering belief in me even at a young age, to co-found First Resource Bank has been instrumental in shaping both my career and our organization's success. His leadership over the past 19 years has built a legacy of integrity, innovation, and unwavering dedication to our clients and community. I am honored to carry forward his legacy and lead our bank into its next chapter of growth and prosperity."

"As I pass the torch to Lauren Ranalli, my esteemed colleague of over two decades, I do so with immense pride and unwavering confidence in her leadership. Together, we envisioned and built this bank from the ground up, and I can attest that without Lauren's dedication, expertise, and vision, this venture would have never come to fruition. As I step back, I trust wholeheartedly in Lauren's ability to steer our bank towards even greater heights, knowing that her passion for our mission and her steadfast commitment to excellence will continue to drive our success," commented outgoing CEO, Glenn Marshall.

Marshall will continue his involvement with First Resource Bank as Vice Chair of the Board of Directors as well as serving as a member of numerous Board Committees.

About First Resource Bancorp, Inc.

First Resource Bancorp, Inc. is the holding company of First Resource Bank. First Resource Bank is a locally owned and operated Pennsylvania state-chartered bank with three full-service branches, serving the banking needs of businesses, professionals and individuals in the Delaware Valley. The Bank offers a full range of deposit and credit services with a high level of personalized service. First Resource Bank also offers a broad range of traditional financial services and products, competitively priced and delivered in a responsive manner to small businesses, professionals and residents in the local market. For additional information visit our website at www.firstresourcebank.com. Member FDIC.

This press release contains statements that are not historical facts and may pertain to future operating results or events or management's expectations regarding those results or events.  These are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934.  These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts.  When used in this press release, the words "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or words of similar meaning, or future or conditional verbs, such as "will", "would", "should", "could", or "may" are generally intended to identify forward-looking statements.  These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are either beyond our control or not reasonably capable of predicting at this time.  In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the results discussed in these forward-looking statements.  Readers of this press release are accordingly cautioned not to place undue reliance on forward-looking statements. First Resource Bank disclaims any intent or obligation to update publicly any of the forward-looking statements herein, whether in response to new information, future events or otherwise.         

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SOURCE First Resource Bank

FAQ

Who is the new President & CEO of First Resource Bancorp, Inc. (FRSB)?

Lauren Ranalli has been appointed as the new President & CEO of First Resource Bancorp, Inc. (FRSB), succeeding Glenn Marshall.

When did Glenn Marshall retire from First Resource Bancorp, Inc. (FRSB)?

Glenn Marshall retired from First Resource Bancorp, Inc. (FRSB) after 19 years of dedicated service, effective as of today.

What role did Lauren Ranalli previously hold at First Resource Bancorp, Inc. (FRSB)?

Lauren Ranalli previously served as the Chief Financial Officer and most recently as President at First Resource Bancorp, Inc. (FRSB).

Who co-founded First Resource Bank in 2005?

Lauren Ranalli co-founded First Resource Bank alongside Glenn Marshall in 2005.

What position will Glenn Marshall hold after retiring as CEO of First Resource Bancorp, Inc. (FRSB)?

Glenn Marshall will continue his involvement with First Resource Bank as Vice Chair of the Board of Directors and serve on various Board Committees.