A shareholder group interested in replacing the CEO of Republic First Bancorp has increased its stake in the Philadelphia company.
George Norcross III, Gregory Braca and Philip Norcross, who raised their stake from 6.6% to 8.8%, reiterated in the Feb. 7 regulatory filing their desire to meet with the $5.4 billion-asset company’s board.
The investors said they had a “brief and unproductive conversation” with Vernon Hill, who “indicated no interest on his part in any discussions about meaningful change for the benefit of Republic and its shareholders.”
The shareholders suggested in a Jan. 31 letter to the board that the board replace Hill as CEO with Braca. They also want the company to increase its commercial lending in markets such as New York and Philadelphia.