Republic First Bancorp Acquires Oak Mortgage

Posted by Patrick Barnard on July 27, 2016 No Comments
Categories : Residential Mortgage

Republic First Bancorp Inc., the parent company of Republic Bank, has entered into an agreement to acquire Oak Mortgage Co., a residential mortgage company headquartered in Marlton, N.J. Terms of the deal were not divulged.

According to a press release, Republic First Bancorp will keep the Oak Mortgage brand intact. Oak will maintain its current business model and will operate as a wholly owned subsidiary of the bank.

“Oak Mortgage embodies our core values of absolute convenience and fanatical customer service,” says Harry D. Madonna, chairman and CEO of Republic First Bancorp Inc. “So they were a natural fit for our growth strategy in the southeastern Pennsylvania and southern New Jersey market.”

Oak Mortgage currently has about 64 employees. In 2015, the company closed more than $330 million in mortgage loans.

The acquisition will give Oak Mortgage opportunities to expand its product offerings and grow its business platform, Republic First Bancorp says.

Oak’s mortgage products will now be available through Republic First Bancorp’s network of 18 retail locations.

Oak Mortgage was founded in 1997. It has been primarily focused on the Philadelphia region.

The acquisition, which is still subject to the customary approvals, is expected to close before Aug. 1.

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