Feb. 7, 2011
/PRNewswire/ -- Republic Bank (Nasdaq: FRBK) today announced the launch of a Small Business Administration ("SBA") lending group to provide much needed credit to small businesses throughout the Mid-Atlantic states.
This nationally ranked SBA lending unit will be led by
ARNOLD F. HORVATH
(Executive V.P.) and
(Sr. V.P.), both former Executives with Commerce Bank and more recently Metro Bank.
Prior to Metro Bank, a majority of this specialized group were employed by Commerce Bank 1999 through 2009. During this ten year period, Commerce Bank closed in excess of
in SBA Loans and consistently ranked among the nation's TOP 15 producers of SBA loans.
While at Metro Bank (
) this eight person team was ranked #1 in
, #4 in PA, and #22 nationally among 2,590 banks participating in the SBA program based upon three month figures released by the SBA through
December 31, 2010
Andrew J. Logue
, President and COO of Republic Bank commented:
"The small businesses of America are crying for credit support. The SBA Loan Guarantee Program gives Republic Bank, with its recent approval from the SBA as a Preferred Lender, a unique opportunity to fulfill these credit needs while maintaining robust asset quality.
and his team have long been the premier SBA lending group in the Mid-Atlantic States and we look forward to their continued success."
, recently retired District Director of the SBA's
and his team of business lenders have been responsible for many small business success stories. During the last ten years, this talented group of professionals was the top provider of SBA backed loans in
. They supported small businesses with creative financing packages, provided quick turnarounds on approvals and realistic advice to their customers. We also valued their sustained commitment and support of our community marketing efforts."
About Republic Bank
Republic Bank 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
Haddonfield, New Jersey
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-Q for the quarter ended
March 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