Republic First Bancorp, the holding company for Republic First Bank, appointed Thomas X. Geisel CEO, president and a member of the board of directors, effective immediately. In addition, the company appointed Michael W. Harrington CFO, also effective immediately.
Geisel has more than 20 years of leadership experience growing regional banks, most recently as president of corporate banking at Webster Bank (formally known as Sterling National Bank). Harrington’s background includes experience in community banking and financial services. most recently as CFO of Bryn Mawr Trust.
The new leadership team will continue to evaluate capital alternatives and drive growth through initiatives such as:
- Restructuring the company’s 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 products and services
- Driving expense discipline by rationalizing the cost of delivery and investing in technology and digital capabilities
“I’m excited to be part of the Republic First team at this critical moment,” Geisel said. “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.”
“I am confident that Republic First can serve its customers and communities well while generating better returns and profit for its shareholders,” Harrington said. “I look forward to working with Tom and the rest of the team at Republic First.”
In connection with these new appointments, Republic First founder Harry Madonna will step down as interim CEO, a role he has held since August of this year, while remaining 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.
“We are thrilled to welcome Tom and Mike to the management ranks at Republic First,” Madonna said. “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.
“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.”