The FDIC was reported to be seeking bidders for Republic, the largest bank still based in Philadelphia.
A group led by George E. Norcross III is investing $35 million in Philadelphia's Republic Bank and taking five of seven seats on its board.and agreed to a likely financial path forward for Philadelphia’s Republic Bank, the winning group, led by South Jersey business and political power broker George E. Norcross III, has invested $35 million to strengthen the lender and take control of the board of the 33-branch, $6 billion-asset lender.
The Norcross group moved faster than expected after reports that the Federal Deposit Insurance Corp. on Oct. 23 began seeking bidders for the money-losing bank, a sign that regulators wanted to reduce any likelihood that the bank would run out of capital and end up in a federal takeover. Bloomberg LPIn a statement, Norcross, also the longtime chairman of the Cooper University Health Care board in Camden, said the move would help the bank’s customers, depositors and shareholders.
“This investment and new leadership on the board is the next step of what will be the new Republic First,” his statement said.Shares traded up to 30 cents by the end of the day, from 8 cents Friday. That put the company’s market capitalization to around $21 million. The stock had been worth over $5 a share, or nearly half a billion dollars in all, as recently as February of last year.New Norcross-backed directors include former TD Bank U.S.
Departing the board are New York investor Andrew B. Cohen, Republic founder Harry Madonna, and two of their allies, who stepped down under terms of the September agreement. Those directors served under Hill before the four joined forcesand to end his costly expansion plans. Hill, an innovative retailer, previously founded and was ousted from Commerce Bancorp and Metro Bank Plc.
Two other directors appointed while the Cohen faction ran the bank will remain for a total of seven. Bank leaders plan to raise at least $40 million more and add more directors under terms of the September pact.
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