Republic First Bancorp in Philadelphia has begun a strategic review.
The $5.7 billion-asset company said in a press release that the decision came after “inquiries by multiple parties expressing interest in one or more potential strategic transactions.”
Republic First said it had set up a strategic review committee of the board to review the inquiries and to evaluate a range of potential transactions and alternative strategies. The committee will seek to enter into nondisclosure agreements with the interested parties.
Keefe, Bruyette & Woods is one of the company’s advisers.
“There can be no assurance that the … review will result in one or more transactions or other strategic change or outcome,” the company said. There is no timetable for the conclusion of the review.
The announcement comes a month after Vernon Hill II resigned as the company’s chairman and CEO. He was replaced with former CEO Harry Madonna.