Republic Bank plans cost cuts in retail banking division
Republic First Bancorp Inc. (FRBK), the parent of regional Republic Bank, said late Thursday it will merge branches and take other steps to cut costs in its retail banking division. The company, with branches mostly in New Jersey and Pennsylvania, plans to reduce operating branch hours to account for customers' growing use on online banking, and eliminating "redundant or unnecessary" positions across the division. Shares of Republic First Bancorp rose 3.3% in the aftermarket Thursday after ending the regular trading day down 5.9%.
-Claudia Assis
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06-01-23 1717ET
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