Vernon Hill Leaves Republic First After Rivals Win Ruling (2)

Vernon Hill stepped down as the head of Republic First Bancorp Inc. after a federal appeals court ruled in favor of a rival faction fighting to take over the company’s board and oust the controversial banker.

Hill, 76, submitted his letter of resignation as chief executive officer after claiming the company violated his employment agreement, according to a statement Friday by Philadelphia-based Republic First. The board said it’s evaluating candidates to fill Hill’s slot.

A three-judge panel on Wednesday overturned a lower court decision to let Hill stay on as board chairman while a custodian oversaw a vote on how ...