Allocates Additional Staff and Resources to Expand Ability to Serve Small Businesses
PHILADELPHIA, May 25, 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” 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.
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