Republic First Bancorp in Philadelphia is getting into residential mortgages.
The $1.4 billion-asset company said in a press release Tuesday that it had agreed to buy Oak Mortgage Co. in Marlton, N.J. Republic did not disclose the price it will pay. The deal is expected to close by the end of this month.
Oak Mortgage, which has 64 employees, will maintain its current business model and operate as a wholly owned subsidiary of Republic's bank. The company, founded in 1997, closed on more than $330 million in mortgage loans last year.
Oak Mortgage is "a natural fit for our growth strategy in the southeastern Pennsylvania and southern New Jersey market," Harry Madonna, Republic's chairman and chief executive, said in the release.