Shareholders of Republic First Bancorp will vote to fill three board seats at the next annual meeting after the Philadelphia company decided to add another director slot.
The $6.2 billion-asset company said in a press release that it will increase the size of its board from seven to eight directors prior to the Oct. 3 annual meeting.
“This addition is part of the board’s ongoing refreshment process intended to ensure that independent and diverse directors with relevant skills and experience are leading the business forward,” the company said in the release.
Republic First has been engaged in a dispute with a shareholder group consisting of George Norcross, III, Gregory Braca and Phillip Norcross. The Norcross-Braca group has tried to buy the company, with hopes of making Braca its CEO.
The company is also in the midst of a cost-cutting effort.