Republic First Bancorp in Philadelphia announced a series of moves designed to trim expenses.
The $6.2 billion-asset company said in a press release that the effort is expected to accommodate evolving customer preferences, better leverage technology and realize cost and operating efficiencies.
Republic First said it will reduce hours at its branches, close a branch on Market Street in Philadelphia and eliminate “redundant or unnecessary” positions in its retail banking division.
The company also hired CBRE to evaluate its real estate portfolio.
“All strategies have to evolve,” Thomas Geisel, Republic First’s president and CEO, said in the release.
“We need to evolve in how we serve our customers,” he added. “That includes where we’re located, the products and services we provide, as well as the channels we deliver through. … Our new leadership team looks forward to continuing to provide updates on its progress and future initiatives.”
The initiative comes weeks after the company said it plans to exit the mortgage business and commercial lending in New York.