Republic First Bancorp, Inc. Chairman Vernon Hill Named CEO

PHILADELPHIA, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ: FRBK), the parent company of , today announced that Chairman Vernon W. Hill has been named to the additional role of Chief Executive Officer at both the Holding Company and the Bank. Harry D. Madonna, the founder of the bank, will remain as President and Chairman Emeritus of Republic First Bancorp, Inc.

Hill, the Founder and Chairman of Commerce Bancorp, Inc., joined Republic Bank in 2008. Since then, he has led the growth of the bank from $700 million in assets to $5.0 billion as of December 31, 2020. Physical store count has increased from eight to 31, with each location making a concerted effort to become a valued part of the community in which they operate. Over the past 13 years, Republic Bank has become one of the top small business lenders in the tri-state area, showcased most recently when it originated $680 million in PPP loans to nearly 5,000 local businesses. Hill’s unique approach to banking and focus on customer service culminated in Republic Bank being named America’s #1 Bank for Service in 2020 by Forbes.

“Since joining the Republic Bank team 13 years ago, we’ve transformed a traditional commercial bank into a customer-centric retail institution that embraces service, convenience and innovation, creating FANS, not customers,” said Hill. “Harry played a critical role in that, and I’m pleased he’ll continue to be a part of our future success. This is only the beginning for Republic and the legendary banking experience we provide to our customers. I’m confident that the best is yet to come.”

Madonna added, “When I founded Republic Bank in 1988, I couldn’t have imagined all that we’ve accomplished. It has been the honor of my life to serve as CEO and work alongside the most talented team in the business to change the way people think about banking. I’m particularly thankful to Vernon for everything he has done and know his passion for our brand will continue to push Republic Bank to new heights. I look forward to staying on as president and chairman emeritus, and to all that comes next.”

Whether banking in-person, online, via mobile or over the phone, Republic Bank delivers an unmatched customer experience and its modern stores, long hours, dog-friendly policies and free services such as coin counting set it apart from competitors large and small. The bank continues to expand its footprint throughout Philadelphia, Southern New Jersey and New York City as part of its “The Power of Red is Back” growth plan. Republic Bank’s 31 stores are open seven days a week, 361 days a year, with extended lobby and drive-thru hours, providing customers incredible convenience and flexibility. The bank also offers absolutely free checking, ATM/Debit cards and credit cards issued on the spot and access to more than 55,000 surcharge free ATMs worldwide via the Allpoint network.

About Republic First Bancorp, Inc.

Republic First Bancorp, Inc. is the holding company for Republic First Bank which does business under the name Republic Bank. Republic 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 31 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 .

Forward Looking Statements

Republic First Bancorp, Inc. ("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. These forward-looking statements include statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, estimates, and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company's control. These factors include competition, timing, credit risks of lending activities, changes in general economic conditions, price pressures on loan and deposit products, and other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. The words "may", "could", "should", "would", "believe", "anticipate", "estimate", "expect", "intend", "plan", and similar expressions are intended to identify forward-looking statements. All such statements are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company does 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 the Company, except as may be required by applicable law or regulations.

SOURCE: Republic First Bancorp, Inc.

CONTACT

Kelli Sheatsley

610-349-6910

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