Republic First Bancorp (FRBK) announces departure of Vernon W. Hill, Jr. as CEO

Republic First Bancorp, Inc. (NASDAQ: FRBK) (the "Company"), the parent company of Republic First Bank d/b/a Republic Bank (the "Bank"), today announced that founder and former CEO and Board Chair, Harry D. Madonna, Esquire has been named Interim Chief Executive Officer of the Company, effective immediately. He will also hold the role of Executive Chair of the Company's Board of Directors (the "Board"). These changes come on the heels of the departure of Vernon W. Hill, Jr. as CEO, who, together with Barry Spevak, resigned from the boards of the Company and the Bank today. Mr. Madonna has pledged to maximize value for all constituents.

Mr. Madonna concluded: "I am honored to be entrusted to the task of moving forward in this new and changing environment. We are entering a critical phase in the evolution of the institution and I and the Board are eager to return to our primary tasks of optimizing the Company's and the Bank's performance and providing stability and value to all of our stakeholders."

Harris Wildstein has been re-appointed as Lead Independent Director of the Board. Mr. Wildstein said "We are thrilled to continue forging forward on the changes started last month, further aligning management, leadership and the Company with its shareholders, employees and other stakeholders. With recent addition of Benjamin C. Duster, IV to the Board and as Chair of the Audit Committee, and Harry Madonna's return, we believe we have put in place a team that well-recognizes its fiduciary duties to all of its constituents and will focus on both the short-term and long-term future of the Company and the Bank."

Given the resignation of Mr. Spevak from the Boards of the Bank and the Company, Andrew B. Cohen, an accomplished financial manager, has been named as the third member of the Audit Committee.

Mr. Madonna has more than 30 years of banking experience, founding Republic Bank in 1988. He has served as President and CEO of Republic First Bancorp, Inc., Republic Bank's holding company since 2001, Chair from 1988 to 2016, Interim Board Chair commencing in July of 2022, and President of the Bank from 2001 to 2010. From 2002 to 2005, he was of counsel to Spector Gadon & Rosen, PC, and a partner of Blank Rome LLP from 1980 to 2001.

Mr. Wildstein was a co-founder of the Company and the Bank and has served on the Company and Bank Boards since 1988. He is the President of HVW, Inc. and President at R&S Imports Ltd. Mr. Cohen is the Chief Investment Officer and Co-founder of Cohen Private Ventures which invests long-term capital, primarily in direct private investments and other opportunistic transactions, and manages family office activities, on behalf of Steven A. Cohen and his family. Mr. Cohen is the Vice Chairman, member of the board of directors, and a minority owner of the New York Mets Baseball Club, as well as a member of the board of directors of several other public and private companies including Laureate Education, Inc.

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