Republic First Bancorp postpones shareholder meet as it reviews strategic options (updated)

Republic First Bancorp

22/09/2023 18:43

(Updates with details in paragraph 3)
       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.
    The shareholders meeting was previously scheduled for Oct.
5. 
    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 to
cut costs and improve profitability.

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