The Bank Slate


Court blocks Republic First from electing directors

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.

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