Republic First Bancorp, the parent company of Republic First Bank d/b/a Republic Bank (the “Bank”), announced several corporate governance changes as the Company and its Board of Directors (the “Board”) seek to maximize shareholder value.
- Harry D. Madonna, Esq., Republic Bank’s founder, has been appointed Interim Chairman of the Board.
- Lisa R. Jacobs, Esq. has been appointed Corporate Secretary of the Company, the position from which Mr. Madonna resigned in connection with his appointment to Interim Chairman.
- Benjamin C. Duster, IV has been appointed Chair of the Audit Committee of the Board.
- The Board has reconstituted the composition of the Audit, Nominating and Compensation Committees of the Board, and the Asset Liability and Compliance and Risk Management Committees of the Bank.
Harris Wildstein, Lead Independent Director of the Board, said, “We are pleased to announce these changes to our governance, which we believe enhance the Board’s alignment with shareholders and put the Company in a stronger position to maximize shareholder value. Mr. Madonna’s longstanding service to the Bank since founding it in 1988, coupled with Mr. Duster’s financial skillsets, will be invaluable as we continue to forge a successful path forward.”
The Company also today announced that it has terminated its agreements with Brian Communications and InterArch Design, Inc. and its affiliates, eliminating those related-party contracts. The Board intends to run a thorough process to identity and engage service providers, which are fully independent of the Company and its Board, to perform these services going forward.
Mr. Madonna concluded: “I am honored to be entrusted once again as Interim Chairman. The shareholder-friendly changes we are implementing today, including terminating related-party contracts, will ensure the Board’s interests are even more aligned with those of our shareholders going forward. Today marks a pivotal point in our Bank’s evolution, as the Board seeks to execute on our top responsibilities of being fierce fiduciaries for our shareholders and serving all of the Bank’s stakeholders.”