Calls for Meaningful, Shareholder-Pushed Modify in Republic Very first Bancorp’s Boardroom
Introduces a Diverse Slate of Candidates with the Suitable Mix of Banking Sector Encounter, Funds Marketplaces Acumen and Corporate Governance Knowhow
NEW YORK, December 09, 2021–(Business WIRE)–Driver Management Firm LLC (together with its affiliates, “Driver” or “we”), a sizable shareholder of Republic To start with Bancorp, Inc. (NASDAQ: FRBK) (“Republic To start with Bancorp” or the “Firm”), now issued a statement pertaining to its choice to nominate a few really-competent and impartial candidates for election to the Company’s Board of Administrators (the “Board”) at the 2022 Once-a-year Conference of Shareholders (the “Once-a-year Conference”).
Abbott Cooper, Driver’s founder and handling member, commented:
“Like several shareholders, we are involved with Republic 1st Bancorp’s conclusion to pursue a extremely dilutive capital raise to assistance its flawed company product. To be absolutely blunt, we noticed what happened at Metro Financial institution plc and hope to prevent a comparable end result at Republic First Bancorp. It is abundantly clear to us that Vernon Hill, the Company’s Chairman and CEO, is intent on pursuing a small business approach that we imagine is really possible to go on to destroy shareholder worth and that the Board is unwilling or not able to oversee Mr. Hill, regardless of the noticeable damage prior cash raises caused shareholders.
We are assured that Mr. Hill’s tenure at Metro, associations with bank regulators and many years-very long monitor record of relevant social gathering transactions are, by now, properly regarded to bank investors. Even though Mr. Hill in lots of strategies revolutionized retail banking, we watch his fanatical, inflexible and intransigent motivation to a organization product that has failed to adapt to recent industry dynamics and economic disorders as neither in the greatest interests of the Corporation, nor its shareholders. Specified the present-day Board’s obvious unwillingness to halt what seems to be like Mr. Hill’s inexorable march down the route of shareholder price destruction, we not too long ago nominated a few really-qualified and unbiased candidates – Peter B. Bartholow, Pamela D. Bundy and Richard H. Sinkfield III – for election to the Board at next year’s Once-a-year Assembly. We think that our various slate possesses the ideal combine of banking expertise, cash markets acumen and corporate governance knowhow. It is time to reset the harmony of electricity and restore reliability atop Republic To start with Bancorp.”
To study Driver’s letters to Republic 1st Bancorp’s Board, check out www.DriverManagementCompany.com.
Peter B. Bartholow Biography
Peter B. Bartholow has in depth understanding of cash marketplaces, mergers and acquisitions and the U.S. banking sector. Mr. Bartholow formerly served as Main Operating Officer and Main Economical Officer of Texas Money Bancshares, Inc. (NASDAQ: TCBI), and as Chief Fiscal Officer of First United states of america, Inc. (previously NYSE: FUS). Mr. Bartholow retains a Grasp of Business Administration from the College of Texas and a Bachelor of Arts from Vanderbilt University.
Pamela D. Bundy Biography
Pamela D. Bundy possesses sizeable genuine estate and enhancement knowledge. Ms. Bundy is currently the Chief Executive Officer and President of Bundy Progress Company. Ms. Bundy at the moment serves on the board of administrators of the District of Columbia Building Marketplace Affiliation and the Lowe Financial Enhancement Business. She beforehand served on the Capital A person Advisory board of administrators. Ms. Bundy retains a Bachelor of Arts from Lincoln College and concluded Harvard Enterprise School’s Executive Owner/President Management Program.
Richard H. Sinkfield III Biography
Richard H. Sinkfield III is a company governance pro with substantial encounter in mergers and acquisitions and securities legislation. Mr. Sinkfield at this time serves as Chief Legal Officer and Chief Ethics and Compliance Officer at Laureate Education, Inc. (NASDAQ: LAUR). He earlier held roles at primary law companies Sidley Austin LLP and Akin Gump Strauss Hauer & Feld LLP. Mr. Sinkfield holds a Bachelor of Science from Georgetown University and a Juris Doctor from Harvard Regulation College.
About Driver Administration Enterprise
Driver employs a valued-oriented, celebration-driven investment decision technique that focuses exclusively on equities in the U.S. banking sector. The firm’s management has many years of expertise advising and engaging with bank management groups and boards of administrators on tactics for maximizing shareholder value. For facts, stop by www.drivermanagementcompany.com.
Specific Details About THE Individuals
Driver Administration Corporation LLC, with each other with the other contributors named herein (collectively, “Driver”), intends to file a preliminary proxy statement and accompanying WHITE proxy card with the Securities and Trade Commission to be made use of to solicit votes for the election of its slate of remarkably-qualified director nominees at the 2022 yearly conference of shareholders of Republic 1st Bancorp, Inc., a Pennsylvania Company (the “Business”).
DRIVER STRONGLY ADVISES ALL SHAREHOLDERS OF THE Business TO Go through THE PROXY Assertion AND OTHER PROXY Supplies AS THEY Become Obtainable Since THEY WILL Comprise Crucial Data. These PROXY Products WILL BE Obtainable AT NO Cost ON THE SEC’S Website Internet site AT HTTP://WWW.SEC.GOV. IN ADDITION, THE Contributors IN THIS PROXY SOLICITATION WILL Present COPIES OF THE PROXY Assertion Without the need of Demand, WHEN Out there, On Ask for. REQUESTS FOR COPIES Need to BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR.
The participants in the proxy solicitation are expected to be Driver Administration Organization LLC (“Driver Management”), Driver Chance Associates I LP (“Driver Chance”), J. Abbott R. Cooper, Peter B. Bartholow, Pamela D. Bundy and Richard H. Sinkfield III.
As of the day hereof, the participants in the proxy solicitation beneficially very own in the mixture 668,842 shares of Popular Inventory, par benefit $.01 per share, of the Organization (the “Common Stock”). As of the day hereof, Driver Chance beneficially owns directly 339,335 shares of Widespread Inventory. As the investment advisor of particular managed accounts (the “Managed Accounts”), Driver Management might be deemed to beneficially possess 310,575 shares of Prevalent Stock (consisting of shares of Typical Inventory held in the Managed Accounts). Driver Administration, as the common partner of Driver Prospect, might be considered to beneficially own the shares of Typical Stock specifically beneficially owned by Driver Prospect and held in the Managed Accounts. Mr. Cooper, as the Controlling Member of Driver Administration, might be considered to beneficially possess the shares of Typical Stock right beneficially owned by Driver Option and held in the Managed Accounts. As of the day hereof, Mr. Bartholow instantly beneficially owns 6,000 shares of Popular Inventory. As of the date hereof, Ms. Bundy directly beneficially owns 10,000 shares of Common Inventory. As of the date hereof, Mr. Sinkfield right beneficially owns 2,932 shares of Typical Stock.
View supply edition on businesswire.com: https://www.businesswire.com/information/residence/20211209005654/en/
Charlotte Kiaie / Bela Kirpalani, 646-386-0091