A legal tussle will prevent Republic First Bancorp in Philadelphia from holding director elections at tomorrow’s annual meeting.
The $5.6 billion-asset Republic First disclosed in a regulatory filing that the Court of Common Pleas issued an order barring it from conducting a shareholder vote on director seats until a hearing is held on April 25.
The order came in response to a lawsuit that a shareholder group that includes George Norcross III and Gregory Blanca filed after the company invalidated a request by member of the group to nominate someone to stand for election to the board.
As a result, Republic First said it will convene the meeting and immediately adjourn it without conducting any business.