Pennsylvania’s Republic First Bank is making further changes to its operations as it continues to overhaul its balance sheet.
The bank — which trades as Republic Bank — is rebuilding after incurring substantial losses from the collapse of Signature Bank in March.
In a statement last week, the bank said it was “eliminating redundant or unnecessary positions” across its retail banking division. It did not provide details of how many roles were at risk.
It is also reducing operating hours at its branches, which Republic First Bank said was due to “customers’ growing use of Republic’s online, mobile banking and Treasury Management resources”.
The bank is also seeking to cut costs by merging two locations on Market Street, Philadelphia.
Real estate giant CBRE has been brought in to assess the bank’s real estate portfolio with a view to developing a “comprehensive plan”.
“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,” the bank said in the statement.
The moves come on top of its previously announced plans to exit mortgage origination and streamline its commercial lending business, based in New York City.
Thomas Geisel, president and CEO of Republic Bank, explained that the ongoing business overhaul would “lay the foundation for a more efficient, profitable organization”.
In late May, the bank said it planned to expand its small business lending team, led by executive vice president and SBA director Arnie Horvath. The team will become part of Republic’s commercial lending business “to increase deal flow and leverage synergies”, the bank said.
Separately, Andrew Cohen has been elected chairman of the board of directors of parent company Republic First Bancorp with effect from June 1. He joined the board in 2017 and is currently chief investment officer and co-founder of Cohen Private Ventures, a private equity company and investor in Republic First Bancorp.
Cohen replaces long-term chairman and founder of Republic Harry Madonna, who will continue to serve as a board director.