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Two former First Republic Bank executives have sued their former employer, charging the Walnut Street bank illegally attempted to block their new endeavor.
One of the executives, Rolf A. Stensrud, former CEO of First Republic, is now vice-chairman of a new Pennsylvania bank for Sun Bancorp. Inc. His co-plaintiff is Kevin J. Gallagher, First Republic's former top lender who left earlier this year to be president and CEC of the new Sun Bank in Pennyslvania.
While waiting for charter approval, Stensrud and Gallagher are running a busy loan production office in Center City for Sun, which is based in Vineland, N.J.
Stensrud and Gallagher sued Republic …