A shareholder group that has been sparring with Republic First Bancorp for months is now calling for the resignation of the Philadelphia company’s president and CEO.
The group, which includes George Norcross III, Philip Norcross and Gregory Braca, said in a regulatory filing that it also wants Thomas Geisel to step down from the $6.2 billion-asset company’s board.
Geisel took over those roles from Harry Madonna in December. Since then, he has announced several initiatives to cut costs, including an exit from mortgage lending and commercial lending in New York.
The company, which reported a net loss in the first quarter, also plans to reduce branch hours and is evaluating its real estate portfolio.
The Norcross group, who has a roughly 9.9% stake in Republic First, has been fighting with management since Vernon Hill was at the helm. The shareholders have been pushing to buy a controlling stake in the company to make Braca the CEO.