Republic First Bancorp Inc. in Philadelphia has brought in another former Commerce Bancorp Inc. executive to help lead its planned retail expansion.
The $1 billion-asset company said Thursday that it has hired Andrew Logue as its head of bank operations and information systems. Mr. Logue spent 17 years at Commerce, of Cherry Hill, N.J., including stints as chief financial officer of its lending division and deputy director for enterprise risk management. On Aug. 6, Republic announced that it had hired 20-year Commerce veteran Rhonda Costello as its chief retail officer.
Commerce, a retail powerhouse, was sold in March to Toronto-Dominion Bank's TD Banknorth Inc. of Portland, Maine. In June, Republic announced that Commerce's founder and longtime chairman and chief executive, Vernon W. Hill 2nd, was the lead investor in a group that had infused Republic with $10.8 million of capital, which it would use to beef up its retail business. The deal calls for Mr. Hill to serve as a consultant to Republic and its chairman and CEO, Harry Madonna, for four years and gives him the right to designate a board nominee.
Mr. Madonna told American Banker in June that Republic intended to add a "significant" number of branches in the Philadelphia area and would consider acquisitions "if there are some opportunities to pick up the kind of branch network we would like."
He said he would not hesitate to ask for Mr. Hill's advice in such areas as branding and retail strategies.
