Daily News | Appeals court backs Republic First rebels, clears new board majority to take over bank
Investors in Republic First Bancorp Inc. who oppose chief executive Vernon Hill’s expansion plans on Wednesday cheered an appeals court ruling that favored a rival board faction led by Hill’s predecessor, Harry Madonna, in a fight for control of the 33-branch, Philadelphia-based bank.
It was the latest step of a months-long fight that has enriched lawyers in Philadelphia, New York and elsewhere at shareholders’ expense. A spokesman for Hill had no immediate comment on the court decision. The Norcross and Braca group said in a statement that following the appeals court ruling, Hill should be placed on “administrative leave” as Republic auditors review contracts granted under his administration.
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