2023-10-27 23:02:35
Investor group Norcross Braca has agreed to inject $35 million into troubled lender Republic First Bancorp, the two companies announced Friday.
The deal comes following the bank revealed in August that it was in talks with the group led by activist investor George Norcross regarding a stake and wider capital increase.
Philip Norcross has been named chairman as part of the deal, while Gregory Braca and two new independent directors are also expected to join the bank’s board. Four current directors are leaving the board as part of the reconstitution.
Shares of Republic First, which cut jobs this year to cut costs and exited its mortgage origination business, were delisted from the Nasdaq in August and now trade on the over-the-counter market .
The troubled lender also postponed its 2022 annual shareholder meeting until December.
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