Republic First Bancorp and an investor group have extended the deadline for the Philadelphia company to sell a large stake in itself to the shareholders.
The $6.2 billion-asset company said in a press release that the deadline was moved to Feb. 29. A special shareholder meeting will take place on Feb. 16 to vote on selling $35 million in securities to the Norcross Braca group.
The investors, as a show of ongoing support, deposited $35 million into an escrow account that will be released to Republic when the sale closes.
“We have made significant progress on what has been a complicated transaction,” George Norcross III said in the release. “We will be able to move forward quickly when all requirements have been met and closing conditions have been satisfied.”
Republic plans to raise a total of $75 million to $100 million of new capital.
Republic also said that its 2022 annual meeting, which had been set for Dec. 19, will be moved to an as-yet-undetermined date.