: Republic First exits mortgage origination business, stock rises in premarket


Republic First Bancorp Inc. FRBK said Friday it’s exiting its legacy mortgage origination business because it no longer aligns with the bank’s preference for “shorter duration and better risk-adjusted return asset classes.” The bank said its traditional businss of long-term jumbo mortgages, priced at aggressive rates “is no longer consistent with the company’s strategy for enhancing profitability and dedicating more resources to core business lines.” The Philadelphia-based bank will also streamline its commercial lending activities in New York City, including a workforce reduction. The bank did not provide any potential…

This article was originally published by Marketwatch.com. Read the original article here.

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