Philadelphia-based Republic First Bancorp and the Norcross Braca Group recently signed a securities purchase agreement to effectuate the group’s $35 million investment.
Under the agreement, the company’s board of directors will be reconstituted.
After closing, the company’s board will consist of seven members and two independent directors. Philip Norcross will be board chairman.
The investment is subject to regulatory approval and other conditions related to the company.
After closing, the remainder of a previously announced $75 million to $100 million capital raise will commence.
“As we said when we first announced we had taken a stake in Republic First more than 18 months ago: we believe that with proper Board leadership and a focus on improving operations, the company can provide great service to its customers and depositors as well as value to its shareholders,” George E. Norcross, III said.
“This is an important milestone to strengthen our balance sheet and improve our operations,” Thomas Geisel, Republic president and CEO, said. “We look forward to having the benefit of Phil’s and Greg’s expertise in the boardroom as we work together to enhance value for all stakeholders and chart Republic First’s future.”
Republic First Bancorp is the parent company of Republic First Bank.