Investor group to infuse $35 mln in troubled Republic First Bancorp

Republic First Bancorp

27/10/2023 23:01

Oct 27 (Reuters) - Investor group Norcross Braca has
agreed to pump $35 million into troubled lender Republic First
Bancorp  FRBK.PK , the companies said on Friday.  
    The deal comes after the bank's disclosure in August that it
was in talks with the group led by activist investor George
Norcross regarding an equity investment and a broader capital
raise.  
    Philip Norcross has been appointed chair as part of the
terms, while Gregory Braca and two new independent directors are
also set to join the bank's board. Four existing directors are
departing as part of the reconstitution. 
    Shares of Republic First, which has cut jobs this year to
reduce costs and exited its mortgage origination business, were
delisted from the Nasdaq in August and now trade on the
over-the-counter marketplace. 
    The troubled lender has also postponed its 2022 annual
shareholders meeting until December.    

 (Reporting by Manya Saini in Bengaluru; Editing by Anil
D'Silva)
 ((Manya.Saini@thomsonreuters.com;))