PHILADELPHIA, Nov. 8, 2011
PHILADELPHIA, Nov. 8, 2011 /PRNewswire/ -- Republic Bank (NASDAQ: FRBK) today announced the results of the outstanding efforts of its SBA team for the fiscal year ending 9/30/11. The SBA team is based in Pennington, New Jersey, and is led by Arnie Horvath, Executive Vice President.
From the New Jersey District, Republic Bank's SBA team will receive the District Director's Award for the #1 SBA lender in total dollars, with more than $72 million. In addition, for generating 62 SBA loans in New Jersey, the team will receive the Silver Award. These loans have helped to create or retain many jobs and have had a very positive impact on the economy of New Jersey.
The Republic Bank SBA team is also ranked 28th in the nation, among the 2,950 banks participating in the government guaranteed program, with over $96 million in loan approvals. In the Philadelphia district, the SBA team is ranked #8 as a result of receiving approvals on 14 loans for over $17 million.
Andrew Logue, President and COO of Republic Bank stated, "We are very proud of the accomplishments of our SBA team and the significant impact they have had on the Small Business community. Arnie and his team have done a phenomenal job providing Small Businesses with the opportunities for credit they deserve."
About Republic Bank
Republic Bank, a subsidiary of Republic First Bancorp, Inc., is a full-service, state-chartered commercial bank, whose deposits are insured up to the applicable limits by the Federal Deposit Insurance Corporation (FDIC). The Bank provides diversified financial products through its thirteen offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Voorhees and Haddonfield, New Jersey. For more information about Republic Bank, visit myrepublicbank.com.
Forward Looking Statements
The Company may from time to time make written or oral "forward-looking statements", including statements contained in this release and in the Company's filings with the Securities and Exchange Commission. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. For example, risks and uncertainties can arise with changes in: general economic conditions, including their impact on capital expenditures; new service and product offerings by competitors and price pressures; and similar items. You should carefully review the risk factors described in the Form 10-K for the year ended December 31, 2010 and other documents the Company files from time to time with the Securities and Exchange Commission. The words "may", "believes," "expect," "estimate," "project," "anticipate," "should," "intend," "probability," "risk," "target," "objective," and similar expressions or variations on such expressions are intended to identify forward-looking statements. All such statements are made in good faith by the Company pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company, except as may be required by applicable law or regulations.
SOURCE Republic Bank