Hill’s lawsuit, filed Tuesday in U.S. District
Court for the Eastern District of Pennsylvania, is seeking a temporary
restraining order to block the $5.7 billion-asset company’s board from
conducting business without a quorum, communicating with bank employees or
“taking any other actions that will disturb the status quo on the board.”
Hill was replaced as chairman on Friday after
the death of board ally Theodore Flocco. Flocco’s
passing led to a power shift on the divided board, allowing a faction opposed
to Hill to oust him.
"I look forward to continuing to work with
the board and our employees and creating value for our constituents," Harry
Madonna, who was named interim chairman, said in a Friday press release.
Hill's removal as chairman comes at a time when Republic First
faces pressure from two investor groups to improve performance. A group led by
George Norcross and George Braca is seeking to remove Hill from his management
roles.
Republic First delayed its annual meeting while
independent legal counsel investigates certain related-party transactions.
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