Norcross led Investor Group Terminates Agreement with Republic Bank

Hostile Takeover Attempt Ends with Resolution

Truce Reached After Month-Long Battle for Control

A month-long battle for control of Republic First Bank has come to an end. The activist investor group led by George Norcross and former TD Bank executive Greg Braca has terminated their agreement with the bank. This agreement had been seen as a hostile takeover attempt by some shareholders.

The Norcross group, which owns a significant stake in Republic, had been pushing for changes at the bank, including the removal of the current CEO. The bank had resisted these demands, leading to a stalemate and a public relations battle.

With the agreement now terminated, the Norcross group has agreed to support the bank's current management team and its plans for the future. This includes a capital raise of $150 million, which will improve the bank's capital ratios and result in the reconstitution of the Republic Board.