PHILADELPHIA, July 26, 2016 /PRNewswire/ -- Republic First Bancorp, Inc. (NASDAQ: FRBK), the parent company of Republic Bank, today announced that it has entered into an agreement to acquire Oak Mortgage Company, LLC, a residential mortgage company headquartered in Marlton, NJ. With services that are a perfect complement to Republic Bank's existing lending capabilities, Oak Mortgage will maintain its current business model and operate as a wholly owned subsidiary of the Bank.
"Since the launch of 'The Power of Red is Back' expansion campaign we have had tremendous success in winning over new Fans and welcoming them into our new stores and at an unprecedented pace," said Harry D. Madonna, Chairman and Chief Executive Officer of Republic First Bancorp, Inc. "Oak Mortgage embodies our core values of absolute convenience and fanatical customer service. So they were a natural fit for our growth strategy in the southeastern Pennsylvania and southern New Jersey market."
Oak Mortgage currently has an experienced team of 64 employees that specialize in the origination of residential mortgage products. In 2015, Oak closed more than $330 million in mortgage loans. Backed by the financial strength of Republic, Oak will have opportunities to expand its product offerings and grow its business platform to exciting new levels. The acquisition pairs Republic Bank's growing Store network with Oak's expertise in the mortgage industry and will offer added benefits to current and prospective customers of both companies. Anyone that visits a Republic Bank store will now have direct and immediate access to an experienced residential mortgage lender and all customers of Oak mortgage will have full access to the products and services of one of the fastest growing financial institutions in the Philadelphia region.
Oak Mortgage was founded in 1997 and has established an outstanding reputation as one of the premier residential mortgage lenders in the Philadelphia region. "This marks an exciting new beginning for Oak Mortgage and we are thrilled to join the Republic Bank family," said Bill Gelernt, President and founder of Oak Mortgage. "Our employees have worked diligently over the past two decades to build one of the top mortgage companies in this region. As we now become part of Republic Bank, opportunities to expand our business and enhance our brand will grow dramatically."
Finalization of the transaction is subject to customary closing conditions, including regulatory approval which has been received. Closing is expected to occur on or before August 1, 2016.
Building on the momentum of its aggressive growth plan referred to as "The Power of Red is Back," Republic Bank continues to rapidly expand its regional footprint. As one of the largest Philadelphia-based retail banking institutions with 18 convenient locations, Republic Bank Stores are open seven days a week, 361 days a year, with extended lobby and drive-thru hours, providing customers with the longest hours of any bank in the area. The bank also offers absolutely free checking, free coin counting, ATM/Debit cards issued on the spot and access to more than 55,000 surcharge free ATMs worldwide via the Allpoint network.
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 18 offices located in Abington, Bala Cynwyd, Mayfair, Media, Philadelphia, Plymouth Meeting, Torresdale and Wynnewood, Pennsylvania and Berlin, Cherry Hill, Glassboro, Haddonfield, Marlton, Voorhees and Washington Township, New Jersey.
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.