George Norcross III, Gregory Braca and Philip Norcross said
in a regulatory filing that they intend to support the nominees submitted
by Driver Management. They also plan to oppose the $5.4 billion-asset Republic
First’s nominees, including Hill.
Hill is also the company’s chairman.
The Norcross-Braca group,
which recently increased its stake in Republic First to 9.6%, said it has not
communicated with Driver and it has no plans to act in concert with the other
investor.
Republic First's board responded to the developments, stating in a Friday press release that it hired Keefe, Bruyette & Woods to advise it on any shareholder proposals. KBW will respond directly to the shareholders.
The board "continues to review the filings ... carefully and objectively," the release said, adding that the board "remains open to any and all proposals to maximize shareholder value."
The Norcross-Braca group wants Braca to replace Hill as CEO. It also wants the company to use its abundance
of deposits to make more commercial loans in New York and Philadelphia.
Driver, which has a
roughly 1.2% stake in Republic First, said
in December that it would nominate three people to stand for election to the
company’s board, including Peter Bartholow, a former chief financial offer at
Texas Capital Bancshares.
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