Republic First Bancorp postpones shareholder meet as it reviews strategic options
Sept 22 (Reuters) - Republic First Bancorp has postponed its 2022 annual shareholders meeting until Dec. 19 and said it continues to be in talks with parties, including Norcross-Braca Group, to assess potential strategic opportunities, according to a regulatory filing.
The postponement comes a month after the company saw its shares getting delisted from the Nasdaq after failing to file its 2022 annual report with the securities regulator.
A regulatory filing in late August by the Norcross-Braca group, led by activist investor George Norcross, said that Republic First was in talks with the group for an equity investment and a broader capital raise.
The Philadelphia-based regional lender has had a rough year, cutting jobs and exiting its mortgage origination business over higher costs and an inability to improve profitability. (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Tasim Zahid)
