Fdic Suspends Republic First Bancorp's Auction Process: Bloomberg News

Republic First Bancorp

01/11/2023 19:15

Nov 1 (Reuters) - The Federal Deposit Insurance Corp
(FDIC) has suspended an auction process for Republic First
Bancorp  FRBK.PK , after the bank struck a deal with an investor
group to raise money, Bloomberg News reported on Wednesday.
    The FDIC notified potential buyers on Tuesday that the
bank's capital-raising effort was the avenue it was focused on
pursuing, the report added, citing people familiar with the
matter.
    Republic First Bancorp did not immediately respond to
Reuters request for comment, while the FDIC declined to comment.
    Investor group Norcross Braca last week agreed to pump $35
million into troubled lender Republic First Bancorp whose shares
were delisted in August and trade on the over-the-counter
marketplace.
    The lender had earlier also postponed its 2022 annual
shareholders meeting until December.

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by
Shailesh Kuber)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))