Embattled Republic First in Philadelphia names permanent CEO

Following a year of infighting and investor challenges, Republic First Bancorp in Philadelphia has a new chief executive.

The $5.9 billion-asset bank said it appointed Thomas Geisel CEO and president, effective immediately. Geisel also joined the company's board of directors.

Most recently, Geisel was president of corporate banking at the $69 billion-asset Webster Bank in Stamford, Connecticut.  

Republic First's interim CEO Harry Madonna stepped down from the top job, a role he held since August. Madonna said he would remain chairman during a period of leadership transition.

The company also appointed Michael Harrington to be its chief financial officer. He was previously CFO of Bryn Mawr Trust in suburban Philadelphia. Harrington succeeded Republic First's interim finance chief, Jonathan Hill, who returned his role as controller of the company.

"We are thrilled to welcome Tom and Mike to the management ranks at Republic First. 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," Madonna said a press release Thursday. "We support the strategic vision Tom and Mike have laid out for the company. As a board, we remain committed to guiding the company thoughtfully, ensuring safe and sound banking practices and focusing on the creation of shareholder value."

Former CEO Vernon Hill stepped down in the summer after months of controversy and investor unrest.

He faced mounting criticism from two investor groups, both of which complained of subpar profitability and poor stock performance. The investor groups and critics on the board faulted Hill for lofty expense levels as the company expanded in Philadelphia and New York. Republic First opened new branches at a time when most banks were pruning branch networks and investing more in digital banking.

Madonna founded Republic Bank in 1988 and was its chairman until March 2021. He was also CEO of the bank from 2000 to 2021 and chairman of the parent company from its formation in 1996 until 2016; he was CEO of the parent from 2000 until March 2021.  

Republic First said a strategic review remains ongoing, though it declined to provide more detail. "The company has not set a timetable for the conclusion of the strategic review, and it does not intend to comment further unless and until the board has approved a specific course of action or the company has otherwise determined that further disclosure is appropriate or required by law," it said.