Statement from Vernon Hill

PHILADELPHIA, July 8, 2022 /PRNewswire/ -- "In 2008, I brought the "Power of Red" from the highly successful Commerce Bank to Republic Bank.  At the time CEO of Republic Harry Madonna heralded my arrival at Republic First Bancorp, saying my record of innovation, customer service brand building and shareholder value creation would result in Republic becoming a major regional commercial and retail bank with a unique brand. 

I'm proud to say that the "Power of Red" delivered.

During the next 14 years, the Republic team forged a path of sustained success – growing assets sevenfold, attracting a highly talented leadership team and relieving it of the regulatory challenges. We truly served the people of our region and Forbes rated Republic Bank the #1 bank for customer service in America. And, when small businesses needed us here at home, we stepped up and became one of the largest providers of PPP loans in the country. Importantly, we also served the interests of shareholders by delivering consistently strong results.

Unfortunately, the recent passing of long-serving and dedicated Republic Director Ted Flocco and the decision Wednesday by the U.S Court of Appeals for the Third Circuit have allowed four members of the board of directors to seize unfettered control of Republic First Bancorp and has given me no choice but to resign as chief executive officer. I made this decision reluctantly, as the actions of this faction of the board show they are serving their own narrow interests instead of those of the shareholders. 

When I leave Republic First Bancorp as CEO, I will be proud of all that was accomplished during my tenure. I am especially grateful to the talented team that we were able to attract to the bank. I'm also secure in the knowledge that I always acted in the best interests of shareholders, customers and employees, and I would like to personally thank all those who made this success happen."

SOURCE Vernon Hill