Republic First Bancorp to go slow on fundraise, says it has 'adequate' capital (updated)

Republic First Bancorp

15/05/2023 16:42

(Adds shares in paragraph 3)
       May 15 (Reuters) - Republic First Bancorp  FRBK.O  said
on Monday it had "adequate" capital and would wait for market
conditions to stabilize before rounding out the $125-million
fundraise it had announced in March.
    The lender is seeking more "acceptable" terms for the
capital raise and also looking for more participants after
securing the backing of alternative asset management firm Castle
Creek Capital and investment firm Cohen Private Ventures.
    Shares of Republic First were up 9% at $1.09 as of 11:39 am
EST (15:39 GMT).
    "Protecting Republic's valued shareholders from excessive
and unnecessary dilution is very important to us," Chief
Executive Officer Thomas Geisel said in a statement.
    The bank had earlier this month said it was cutting jobs in
its commercial lending unit with an aim to exit its mortgage
origination business as it sharpens focus on its core products.

 (Reporting by Niket Nishant in Bengaluru; Editing by Arun
Koyyur and Rashmi Aich)
 ((Niket.Nishant@thomsonreuters.com;))