Republic First Bancorp, the parent company of Republic Bank, 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.”