Vernon Hill, the embattled CEO of Republic First Bank, announced his resignation, effective Aug. 8, the bank announced Friday – a day full of activity for the bank.
The bank’s board, in a statement, said it is evaluating candidates to serve as Interim CEO and will formally announce an appointment “in due course.”
That board is changing.
Also Friday, the U.S. Court of Appeals for the Third Circuit reversed a decision involving the replacement on the board of former director Ted Flocco, who died.
The Third Circuit rules it is the responsibility of the board to govern the company and could this pick Flocco’s replacement. The board quickly did so, naming Benjamin Duster, IV, to the board, effective immediately.
Duster, the founder and CEO of Cormorant IV Corporation, a consulting firm specializing in operational turnarounds and organizational transformations, is a 30-year veteran of Wall Street with extensive experience in M&A and Strategic Advisory Services in both developed and emerging markets. He earned a B.A. in Economics, with honors, from Yale University, a J.D. from Harvard Law School, and an M.B.A. from Harvard Business School.
About Republic First Bank
Republic First Bank is a full-service, state-chartered commercial bank with 34 offices located in Atlantic, Burlington, Camden and Gloucester Counties in New Jersey; Bucks, Delaware, Montgomery and Philadelphia Counties in Pennsylvania and New York County in New York. www.myrepublicbank.com
The activity is greater evidence that the activist investor group, led by George Norcross and former TD Bank executive Greg Braca, have won the struggle for control of the bank.
Harris Wildstein, chairman of the nominating and governance committee of the board, welcomed the ruling by the Third Circuit.
“We are pleased that the Third Circuit recognizes the role of the current Board in overseeing the affairs of Republic First, and that four directors acting together can fill the vacant Board seat,” he said.
Duster is a veteran independent public company director and a former investment banker. He currently serves on the board of Chesapeake Energy Corporation, Weatherford International and Diamond Offshore Drilling.
As a result of the Third Circuit’s ruling and Mr. Duster’s filling the Board vacancy, the Company’s Special Meeting of Shareholders will be cancelled. The Company will announce the date and agenda for its 2022 Annual Meeting of Shareholders as soon as practicable.