Republic First Bancorp has appointed a new CEO and chief financial officer (CFO).
The holding company for Republic First Bank d/b/a Republic Bank said in a Thursday (Dec. 22) press release that Thomas X. Geisel has been appointed CEO, president and a member of the board of directors, while Michael W. Harrington has been appointed CFO.
In addition, Republic First founder Harry Madonna will step down from the interim CEO role that he has held since August, while remaining as chairman of the company during the transition to new leadership, and Jonathan Hill will move from the interim CFO role that he has held since October, returning to his role as controller, according to the press release.
Geisel joins Republic First Bancorp after serving as president of corporate banking at Webster Bank. Harrington moves to the company after serving as CFO at Bryn Mawr Trust, the release said.
“We are thrilled to welcome Tom and Mike to the management ranks at Republic First,” Madonna said in the release. “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.”
The new leadership team’s key initiatives include restructuring the balance sheet, lending through expanded distribution points, leveraging new technology to enhance the customer experience, diversifying sources of fee income and driving expense discipline, according to the press release.
“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,” Geisel said in the release. “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.”
PYMNTS research has found that the quickly evolving state of digital finance means that corporate banking clients expect more support from their financial institutions, including better tools for digital payments and embedded finance.
This demand is being driven by businesses across all industries that have focused more on digital innovation since the start of the pandemic, according to the “Next-Gen Commercial Banking Tracker®,” a PYMNTS and FISPAN collaboration.
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