Republic First Bancorp, Inc.’s subsidiary, First Republic Bank, today announced that it has entered into a strategic servicing agreement with MBM ATM Group, Ltd. to place and service a broad regional off-site ATM network. Under the terms of the agreement, Republic First will operate and service a proprietary regional ATM network at various retail and convenience operations, in addition to its own branch offices in the Philadelphia area.
Rolf Stensrud, Republic First president and CEO, said, “This strategic partnership further expands our range of specialized banking products, and will help to broaden our reach in the bank-related service market. It also enables us to begin developing a significant regional presence in this area.” Bank officials anticipate that the off-site ATM network will provide significant fee income.
Republic First Bancorp, Inc. is a Philadelphia-based bank holding company. Its subsidiary, First Republic Bank, has assets of approximately $300 million and markets diversified financial products through its branch offices located throughout the greater Philadelphia area.
MBM ATM Group, Ltd. is a leading ATM network servicer, headquartered in Cinnaminson, New Jersey. It specializes in site selection and servicing of regional ATM networks.Details