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

Reuters
·1 min read

(Reuters) - Investor group Norcross Braca has agreed to pump $35 million into troubled lender Republic First Bancorp, 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)