Conflicts over how to expand Philadelphia's First Republic Bank have apparently cost president Rolf A. Stensrud his job.

The bank's parent, Republic First Bancorp, announced this week that it will not renew Mr. Stensrud's contract when it expires Dec. 31. Jere A. Young, president and chief executive officer of $450 million-asset Republic First, said Mr. Stensrud and Republic First's board could not agree on ways to increase the bank's income.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.