The Bank Slate


Madonna stepping down as Republic First chairman

Republic First Bancorp in Philadelphia will have a new chairman.

The $6.2 billion-asset company said in a press release that Andrew Cohen, co-founder and chief investment officer at Cohen Private Ventures, will take over the post tomorrow.

Cohen will succeed Harry Madonna, who founded the bank in 1988 and returned to a leadership role with last year’s departure of Vernon Hill II. Madonna will remain on Republic First’s board.

The company, which has been sparring with an investor group, last month reported a $9.7 million first-quarter net loss that reflected elevated legal expenses and an investment in the failed Signature Bank. It then announced plans to exit the mortgage business and commercial lending in New York.

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