The Bank Slate


Republic First has new chairman after truce with investor

Republic First Bancorp in Philadelphia has a new chairman after finalizing an agreement to sell stock to an investor group.

The $6.2 billion-asset company said in a press release that it will sell securities to a group that includes George Norcross, III, Gregory Braca and Philip Norcross for $35 million.

As part of a truce between the parties, the board will be reconstituted, with Philip Norcross serving as its chairman. Braca, former TD Bank U.S. CEO, and two other individuals will also join the board.

Republic First plans to raise another $75 million to $100 million after closing the stock sale to the Norcross-Braca group.

“We believe that with proper board leadership and a focus on improving operations, the company can provide great service to its customers and depositors as well as value to its shareholders,” George Norcross said in the release. “This investment and new leadership on the board is the next step of what will be the new Republic First.”

“This is an important milestone to strengthen our balance sheet and improve our operations,” Thomas Geisel, the company’s president and CEO, said in the release. “We look forward to having the benefit of Phil’s and Greg’s expertise in the boardroom as we work together to enhance value for all stakeholders and chart Republic First’s future.”

Squire Patton Boggs; Vinson & Elkins; Keefe, Bruyette & Woods; and Raymond James advised the company. Sullivan & Cromwell and Ballard Spahr advised the investor group.

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