Vernon Hill’s Control of Regional Bank at Risk From Court Ruling

Vernon Hill’s control over Republic First Bancorp Inc. was left in doubt after a federal appeals court ruled in favor of a rival faction fighting to take over the company’s board.

The ruling overturned a judge’s decision to let Hill stay on as chairman of the Philadelphia-based bank while a custodian oversaw a shareholder vote on how to resolve a battle between Hill, the current chief executive officer, and former CEO Harry Madonna. The two executives are at odds over the company’s future strategy.

Vernon Hill

Photographer: Simon Dawson/Bloomberg

The appeals panel sent the case back to the trial judge for further …