Republic First Bancorp postpones shareholder meet as it reviews strategic options

Republic First Bancorp

22/09/2023 14:23

Sept 22 (Reuters) - Republic First Bancorp  FRBK.PK  has
postponed its 2022 annual shareholders meeting until Dec. 19 and
said it continues to be in talks with parties, including
Norcross-Braca Group, to assess potential strategic
opportunities, according to a regulatory filing.
    The postponement comes a month after the company saw its
shares getting delisted from the Nasdaq after failing to file
its 2022 annual report with the securities regulator.
    A regulatory filing in late August by the Norcross-Braca
group, led by activist investor George Norcross, said that
Republic First was in talks with the group for an equity
investment and a broader capital raise.
    The Philadelphia-based regional lender has had a rough year,
cutting jobs and exiting its mortgage origination business over
higher costs and an inability to improve profitability.

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