1st Colonial Community Bank has found a new leader.
On Thursday evening, the boards of directors for 1st Colonial Bancorp Inc. and its subsidiary – 1st Colonial Bank – announced Robert White as president and chief executive officer for the Collingswood-based holding company and financial institution. He succeeds current President and CEO Gerard Banmiller, who is retiring.
With three decades of experience, White most recently served as executive vice president and chief risk officer for Customers Bank.
In that role, he oversaw all risk management for the Wyomissing, Pa.-based bank, which has $11 billion in assets, including compliance, credit and loan review, and third-party risk management. 1st Colonial said he also served as president of the Special Assets Group there, managing and substantially reducing its non-performing assets, and spent time as the director of corporate development, overseeing acquisitions and strategic partnerships.
“We looked at many candidates, and believe that he is the one best suited to lead 1st Colonial into this new chapter for our bank,” Chairman Linda Rohrer said in a prepared statement. “He is a results-driven banker with a strong credit background. Also, his extensive risk management experience will be invaluable to our board.
“We thank Gerry Banmiller very much for all his leadership and guidance over these last 20 years, and we wish him all the best in his retirement,” she added.
The bank also announced it declared a 5 percent stock dividend to company shareholders that will be distributed on all issued and outstanding shares held of record as of April 1, 2020, payable on April 15, 2020. Each shareholder as of the record date will receive one share of common stock for every 20 shares of common stock owned on that date, plus an additional share in lieu of any fractional share payable to the shareholder.
1st Colonial Community Bank provides various business and consumer services. It has a branch in Westville and administrative offices in Cherry Hill. As of Sept. 30, 2019 – the most recent information available – the bank had total assets of $5.45 million.