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Philadelphia-based Republic First Bancorp, the parent company of Republic First Bank d/b/a Republic Bank, recently released an updated timeline on the closing of the Norcross Braca Group’s $35 million capital investment in the company.
The Norcross Braca Group has deposited $35 million into an escrow account. The funds will be released upon closing, which is expected to be Feb. 29.
On Nov. 2, the parties filed a securities purchase agreement with the Securities and Exchange Commission 2023.
“While we proceed toward closing this transaction to strengthen the Company’s capital position, our team continues to work on making sustainable process and operational efficiency improvements, while maintaining Republic Bank’s focus on providing a high level of service and responsiveness for our customers and communities,” Thomas X. Geisel, Republic president and CEO, said.
Republic postponed its annual meeting to better align with the transaction’s close. The meeting previously was scheduled for Dec. 19. A new date will be announced.
In addition, Republic will, no later than Feb. 16, hold a special meeting of stockholders to facilitate the approval of the transaction.
Republic Bank operates out of 32 offices located in Bucks, Delaware, Montgomery and Philadelphia counties in Pennsylvania as well as one county in New York and four counties in New Jersey.