Republic First Bancorp, Inc., the holding company for Republic First Bank d/b/a Republic Bank, announced several leadership changes.

Thomas (Tom) X. Geisel has been appointed Chief Executive Officer and President, and as a member of the Board of Directors (the “Board”). Geisel has a diverse financial services background, including leadership experience growing regional banks for more than 20 years – most recently as President, Corporate Banking, at Webster Bank (formally known as Sterling National Bank).

Additionally, Michael (Mike) W. Harrington has been appointed Chief Financial Officer. Harrington’s background includes extensive experience in community banking and financial services – most recently as Chief Financial Officer of Bryn Mawr Trust.

The new leadership team will continue to evaluate capital alternatives and drive profitable growth. Key initiatives include:

• Restructuring the balance sheet, including reinvesting cash flow from securities to loans;
• Lending through expanded distribution points with a focus on allocating capital to optimize risk-adjusted returns and to evaluate additional business lines;
• Leveraging new technology to enhance the customer experience;
• Diversifying sources of fee income in both the retail and business segments by offering a broader set of product and services; and
• Driving expense discipline by rationalizing the cost of delivery and investing in technology and digital capabilities.

Geisel said, “I’m excited to be part of the Republic First team at this critical moment. We believe the Company has excellent opportunities to better serve our customers and create increased value for shareholders by focusing on strengthening the bank’s foundation and re-orienting our business strategy. In doing so, we will leverage the strengths of the brand and create a diverse and digitally fluent commercial bank that provides an exceptional client and colleague experience. I look forward to working closely with the management team and all our colleagues to improve financial results and drive greater success.”

Harrington said, “I am confident that Republic First can serve its customers and communities well while generating better returns and profit for its shareholders. I look forward to working with Tom and the rest of the team at Republic First.”

Republic First founder Harry Madonna will step down from the Interim CEO role, which he has held since August, and will remain as Chairman of the Company during the transition to new leadership. Jonathan Hill, who has served as Interim CFO since October, will return to his role as Controller.

Madonna said, “We are thrilled to welcome Tom and Mike to the management ranks at Republic First. Together, they bring more than five decades of experience in the banking and financial services industries, specifically in transforming and growing organizations as well as working with regulators. We support the strategic vision Tom and Mike have laid out for the Company. As a Board, we remain committed to guiding the Company thoughtfully, ensuring safe and sound banking practices and focusing on the creation of shareholder value.”

Madonna continued, “It has been my privilege to once again lead Republic First during this interim period and I would like to thank the Board for the confidence it has continued to place in me. The Board and I look forward to working with Tom and Mike over the next few months to ensure a smooth and successful transition.”

The company’s previously announced strategic review remains ongoing. The company has not set a timetable for the conclusion of the strategic review, and it does not intend to comment further unless and until the Board has approved a specific course of action or the company has otherwise determined that further disclosure is appropriate or required by law.