Republic First Bancorp, parent of Republic Bank, and an activist investor group led by George Norcross, a South Jersey power broker, and Greg Braca, former CEO of TD Bank U.S., are holding preliminary talks for a possible equity investment, writes Jeff Blumenthal for the Philadelphia Business Journal.

According to Abbott Cooper of New York hedge fund Driver Management, a former activist investor in the bank, it makes perfect sense for the two sides to make a deal. Cooper was the first activist investor to challenge the parent bank’s management in October 2021.

He noted that Republic Bank has been attempting to work with the Norcross-Braca group for a while and offered board representation.

He added that the pursuit by the bank to raise $125 million in capital earlier this year failed after its stock collapsed following the failures of Silicon Valley Bank and Signature Bank in March.

“I think that [Republic First leadership has] always been interested in talking to them and having them put capital in,” said Cooper.

The bank’s need for capital has increased since last month when it was delisted by the Nasdaq Stock Market.

Read more about Republic First in the Philadelphia Business Journal.

_____