Monday, May 2, 2022

Investor group seeks special meeting at Republic First

A group of shareholders has urged Republic First Bancorp in Philadelphia to hold a special meeting.

George Norcross III, Gregory Braca, Philip Norcross and Avery Conner Capital Trust sent a written request to the $5.4 billion-asset company’s board on Thursday for the meeting. 

“Consistent with its fiduciary duties, the board, together with its advisers, is reviewing the notice,” Republic First said in a regulatory filing. 

Republic First recently disclosed that it will delay hosting its annual meeting while an independent legal counsel investigates certain related-party transactions.

The delay comes at a time when the company is tussling with activist investors. 

The Norcross-Braca group, which is looking to oust Chairman and CEO Vernon Hill, recently sent a nonbinding proposal to Republic First’s investment bank offering to buy the company. 

The Norcross-Braca group filed a lawsuit against the company, along with Hill and three other directors, alleging that efforts were under way to modify employment compensation agreements to entrench Hill as the company's leader.

Driver Management, another investor, is looking to replace three directors with its own nominees.

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