Republic First Bancorp Profile
Republic First Bancorp, Inc. operates as the bank holding company for Republic First Bank that provides various credit and depository banking services to individuals and businesses primarily in the Greater Philadelphia, Southern New Jersey, and the New York City area.
The company has offices and branches in Philadelphia, Bucks, Delaware, and Montgomery counties in Pennsylvania; Atlantic, Burlington, Camden, and Gloucester counties in New Jersey; and New York County in New York.
Service Area
The company’s primary service area consists of Greater Philadelphia, Southern New Jersey, and New York City. It conducts its principal banking activities through 32 branch locations, which it refers to as ‘stores’. Thirteen of these stores are located in Philadelphia and the surrounding suburbs of Plymouth Meeting, Wynnewood, Abington, Media, Fairless Hills, Feasterville, and Bensalem in Pennsylvania. There are seventeen stores located in the Southern New Jersey market in Haddonfield, Voorhees, Glassboro, Marlton, Berlin, Washington Township, Moorestown, Sicklerville, Medford, Cherry Hill, Gloucester Township, Evesboro, Somers Point, Lumberton, Northfield, and Deptford. There are two stores located in New York City at 14th Street & 5th Avenue and 51st Street & 3rd Avenue. The company’s commercial lending activities extend beyond its primary service area, to include other counties in Pennsylvania, New Jersey, and New York, as well as the parts of Delaware, Maryland, and other out-of-market opportunities. Its residential lending activities also extend outside of its primary service area, to include other counties in Pennsylvania, New Jersey, and New York, in addition to other states, such as Delaware and Florida.
Products and Services
The company offers a range of banking products and services, including consumer and commercial deposit accounts, which include checking accounts, interest-bearing demand accounts, money market accounts, certificates of deposit, savings accounts, sweep accounts, and individual retirement accounts. It also offers other traditional banking services, such as secured and unsecured commercial loans, real estate loans, construction and land development loans, automobile loans, home improvement loans, mortgages, home equity and overdraft lines of credit, lockbox services, and other products. The company attempts to offer a level of personalized service to both its retail and commercial customers.
The company also maintains a Small Business Lending team that specializes in the origination of loans guaranteed by the U.S. Small Business Administration (SBA) to provide credit to small businesses throughout its service area.
The company is the members of the STAR and PLUS automated teller (ATM) networks, and Allpoint – America’s Largest Surcharge Free ATM Network, which enable it to provide its customers with access to more than 55,000 ATMs worldwide. The company has 34 proprietary ATMs located in its store network.
The company’s lending activities generally are focused on small- and medium-sized businesses within the communities that it serves.
As a result of the addition of Oak Mortgage Company, LLC (Oak Mortgage) in 2016, the company offers residential mortgage loan products to customers throughout its footprint. Its residential mortgage lending activities also extend to geographies outside of its primary service area. A majority of the residential loans originated are sold on the secondary market shortly after closing.
Loans Portfolio
The company’s loans portfolio is segmented into commercial and industrial loans, commercial real estate loans, owner occupied real estate loans, construction and land development loans, consumer and other loans, residential mortgages, and paycheck protection program loans. Consumer loans consist of home equity loans and other consumer loans.
Securities Portfolio
As of December 31, 2021, the company’s securities portfolio included U.S. government agencies; collateralized mortgage obligations; agency mortgage-backed securities; municipal securities; and corporate bonds.
Supervision and Regulation
The bank is subject to supervision and regulation by the Federal Deposit Insurance Corporation (FDIC) and the Pennsylvania Department of Banking and Securities. The company’s holding company is subject to supervision and regulation by the Board of Governors of the Federal Reserve under the Federal Bank Holding Company Act of 1956, as amended.
The deposits held by the bank are insured, up to applicable limits, by the Deposit Insurance Fund of the FDIC. As an FDIC-insured bank, the bank is subject to FDIC insurance assessments.
The Sarbanes-Oxley Act of 2002 comprehensively revised the laws affecting corporate governance, auditing and accounting, executive compensation and corporate reporting for entities, such as the company, with equity or debt securities registered under the Securities Exchange Act of 1934, as amended.
Competition
The company faces substantial competition from other financial institutions in its service area. Competitors include Wells Fargo, Capital One, Citizens, PNC, Santander, TD Bank, N.A., and Bank of America.
History
Republic First Bancorp, Inc. was founded in 1987.
