Philadelphia's Republic First President Steps Down

Republic First Bancorp said it appointed Chairman and Chief Executive Harry D. Madonna as president of its Republic First Bank unit, replacing Louis J. DeCesare Jr.

The Philadelphia holding company said DeCesare terminated his employment agreement with Republic First Bancorp, according to a Securities and Exchange Commission filing. He also resigned as a director of Republic First Bancorp and the unit.

Republic First Bancorp didn't say in the SEC filing why DeCesare ended his employment pact.

The company said DeCesare didn't resign from the two boards because of a disagreement with Republic First Bancorp on any matter relating to its operations, policies or practices.

Republic First Bancorp said DeCesare will continue to be engaged as a consultant to the company and the unit for a period of six months. DeCesare had served as the unit's president and chief operating officer since December 2006.