PHILADELPHIA, PA — Republic First Bancorp, Inc. (NASDAQ: FRBK), the parent company of Republic First Bank d/b/a Republic Bank, recently announced that it is taking additional steps to enhance operational efficiency within its Retail Banking Division. These steps are expected to support Republic’s efforts to adapt to evolving customer preferences, better leverage technology, and realize cost and operating efficiencies in its core markets.
Initial measures include:
- Reducing operating hours at branch locations as a result of customers’ growing use of Republic’s online, mobile banking and Treasury Management resources.
- Merging the Bank’s 1818 Market Street location into its 1601 Market Street location, and subsequently reducing costs.
- Eliminating redundant or unnecessary positions across the Division.
The aforementioned steps were informed by a thorough evaluation of transaction volumes, market concentration, customer needs and competitive dynamics in the banking sector.
In addition, Republic has engaged CBRE, a global real estate services and investment firm, to evaluate the Bank’s real estate and assist with the development of a comprehensive plan for the portfolio.
Thomas X. Geisel, President and CEO of Republic Bank, stated, “All strategies have to evolve. As such, we need to evolve in how we serve our customers. That includes where we’re located, the products and services we provide, as well as the channels we deliver through. By refocusing our Retail Banking Division and winding down non-core business lines, we continue to lay the foundation for a more efficient, profitable organization. Our new leadership team looks forward to continuing to provide updates on its progress and future initiatives.”
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