Republic First Bancorp, Inc. Continues to Advance Strategy of Focusing on Core Services and Markets by Strengthening Small Business Administration Team
25 Maio 2023 - 8:00AM
Republic First Bancorp, Inc. (NASDAQ: FRBK) (the “Company”), the
parent company of Republic First Bank d/b/a Republic Bank (the
"Bank" or “Republic”), today announced that the Bank is dedicating
additional resources to grow its Small Business Administration
(“SBA”) team, under the direction of Executive Vice President, SBA
Director Arnie Horvath.
Thomas X. Geisel, President and CEO of Republic First Bancorp,
Inc., stated, “We are continuing to take decisive actions to
further align the structure of Republic Bank with our overall
strategy of focusing on our core businesses in our core markets.
Today’s announcement is yet another step in this direction and
underscores our commitment to supporting small businesses and
providing them with the financial assistance they need to
thrive.”
Republic Bank will be adding staff to the SBA team and
transitioning it under the Commercial Lending Business to increase
deal flow and leverage synergies. The SBA team has extensive
experience in the Bank’s core markets extending into New Jersey and
Eastern Pennsylvania. The additional resources being allocated to
this group will allow for further expansion into these
markets.
“We recognize that small businesses are the backbone of our
economy, and we are committed to helping them succeed,” said Arnie
Horvath, Executive Vice President, SBA Director. “Supporting
entrepreneurs and business owners in the communities we serve is an
incredibly important part of our overall business. We are proud to
announce during Small Business Month that we will be devoting even
more resources to our SBA team’s loan programs, providing access to
capital that can help fuel business growth and support job creation
across industries.”
Republic’s SBA team is comprised of a dedicated group of experts
with an average of 30+ years’ experience and a successful history
of working with business owners and industry leaders to foster the
expansion of small businesses through the use of various SBA
programs. Importantly, the Bank has SBA Preferred Lender Program
status (PLP) with delegated lending authority which allows it to
make decisions quickly and in-house without prior SBA review. Loans
can be structured to meet the unique needs of each customer with
the greatest flexibility within the framework of the programs.
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 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. 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
Republic First Bancorp (NASDAQ:FRBK)
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