Republic First Bancorp, the holding company for Republic Bank, completed the sale of $100 million of its common stock at a price of $5.35 per share and elected Vernon W. Hill, II as a director and chairman of Republic First Bancorp.
Hill has served in a number of roles including:
- Founder and chairman of Commerce Bancorp, a $50 billion retail bank with 450 locations headquartered in metro Philadelphia, sold in 2007
- Founder and chairman of Metro Bank (UK), the first new retail high street bank opened in Britain since 1840, now with 48 stores and assets of £10 billion ($12 billion) and a market capitalization of $3.2 billion
- A major investor and consultant to Republic First Bancorp
- Chairman of Petplan USA, one of America’s pet health insurers
“Using Vernon’s model and strengthened by this $100 million equity raise, Republic has been transformed into a regional, high growth bank,” said Harry D. Madonna, founder of Republic First Bancorp, who will continue as CEO and chairman of Republic Bank.
The additional capital will be utilized to expand the growth opportunities of Republic Bank through the addition of new stores, primarily in southern New Jersey and the surrounding Philadelphia area.