Vernon Hill has filed a lawsuit against Republic First Bancorp in Philadelphia – where he is the CEO.
Hill’s lawsuit, filed Tuesday in U.S. District Court for the Eastern District of Pennsylvania, is seeking a temporary restraining order to block the $5.7 billion-asset company’s board from conducting business without a quorum, communicating with bank employees or “taking any other actions that will disturb the status quo on the board.”
Hill was replaced as chairman on Friday after the death of board ally Theodore Flocco. Flocco’s passing led to a power shift on the divided board, allowing a faction opposed to Hill to oust him.
“I look forward to continuing to work with the board and our employees and creating value for our constituents,” Harry Madonna, who was named interim chairman, said in a Friday press release.
Hill’s removal as chairman comes at a time when Republic First faces pressure from two investor groups to improve performance. A group led by George Norcross and George Braca is seeking to remove Hill from his management roles.
Republic First delayed its annual meeting while independent legal counsel investigates certain related-party transactions.