Republic First Bancorp

Republic First Bancorp and Norcross Braca Group Provide Update on Closing of $35 Million Capital Investment

Retrieved on: 
Thursday, November 30, 2023

“We have made significant progress on what has been a complicated transaction, which is why we fully funded our $35 million investment into an escrow account -- we will be able to move forward quickly when all requirements have been met and closing conditions have been satisfied,” said George E. Norcross, III. “We look forward to completing the transaction in the coming weeks so we can make the changes needed to set Republic First up for long term success for the benefit of its customers and clients, employees and shareholders.”

Key Points: 
  • PHILADELPHIA, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (OTCEM: FRBK) (“Republic” or the “Company”), the parent company of Republic First Bank d/b/a Republic Bank, and George E. Norcross, III, Gregory B. Braca, Philip A. Norcross, Lexie Norcross, and other Norcross family members and affiliates (collectively, the “Norcross Braca Group”), today provided an updated timeline for the closing of the Norcross Braca Group’s previously announced $35 million capital investment in the Company.
  • The parties have agreed to extend the outside date for closing the investment to February 29, 2024, subject to the closing conditions outlined in the securities purchase agreement filed with the Securities and Exchange Commission on November 2, 2023.
  • Republic will now hold a special meeting of stockholders no later than February 16, 2024 to facilitate the approval of the transaction.
  • Further solidifying the investment, the Norcross Braca Group today deposited $35 million into an escrow account, which is to be released to the Company upon closing.

Republic Bancorp and Norcross Braca Group Announce $35 Million Investment

Retrieved on: 
Friday, October 27, 2023

PHILADELPHIA, Oct. 27, 2023 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (OTCEM: FRBK) (“Republic” or the “Company”), the parent company of Republic First Bank d/b/a Republic Bank, and George E. Norcross, III, Gregory B. Braca, Philip A. Norcross, Lexie Norcross, other Norcross family members and affiliates (collectively, the “Norcross Braca Group”), today announced that they have signed a Securities Purchase Agreement to effectuate a $35 million investment by the Norcross Braca Group. As part of the agreement, the Company’s Board of Directors (the “Board”) will be reconstituted, with former TD Bank U.S. CEO Gregory B. Braca and two other highly qualified individuals joining as Directors and Philip A. Norcross becoming the Chair. Upon closing of the new investment, which is subject to regulatory approval and other conditions related to the Company, the remainder of the previously announced $75 million to $100 million capital raise will commence.

Key Points: 
  • Investment Will Improve Capital Ratios and Result in Reconstitution of Republic Board, with Appointment of Philip A. Norcross as Chair as well as Gregory B. Braca and Two New Independent Directors
    PHILADELPHIA, Oct. 27, 2023 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (OTCEM: FRBK) (“Republic” or the “Company”), the parent company of Republic First Bank d/b/a Republic Bank, and George E. Norcross, III, Gregory B. Braca, Philip A. Norcross, Lexie Norcross, other Norcross family members and affiliates (collectively, the “Norcross Braca Group”), today announced that they have signed a Securities Purchase Agreement to effectuate a $35 million investment by the Norcross Braca Group.
  • Upon closing of the new investment, which is subject to regulatory approval and other conditions related to the Company, the remainder of the previously announced $75 million to $100 million capital raise will commence.
  • Legacy Directors Andrew B. Cohen, Harry D. Madonna, Harris Wildstein and Lisa Jacobs will all depart the Board.
  • Sullivan & Cromwell LLP and Ballard Spahr are serving as legal advisors to the Norcross Braca Group.

Delisting of Securities of Humanigen, Inc.; Vinco Ventures, Inc.; Liquid Media Group Ltd.; Republic First Bancorp, Inc.; G Medical Innovations Holdings Ltd.; Orbital Infrastructure Group, Inc.; Spark Networks SE; DIRTT Environmental Solutions Ltd.; Chengh

Retrieved on: 
Wednesday, October 11, 2023

Nasdaq also announced today that it will delist the common shares of Liquid Media Group Ltd.

Key Points: 
  • Nasdaq also announced today that it will delist the common shares of Liquid Media Group Ltd.
  • Liquid Media Group Ltd.’s securities were suspended on August 23, 2023, and have not traded on Nasdaq since that time.
  • Nasdaq also announced today that it will delist the ordinary shares warrants of G Medical Innovations Holdings Ltd. G Medical Innovations Holdings Ltd.’s securities were suspended on August 24, 2023, and have not traded on Nasdaq since that time.
  • Spark Networks SE’s securities were suspended on September 8, 2023, and have not traded on Nasdaq since that time.

Republic Bank and Norcross Braca Group Announce Signing of Letter of Intent

Retrieved on: 
Wednesday, September 27, 2023

Under the LOI, the Norcross Braca Group will make a new investment of at least $35 million in the Company.

Key Points: 
  • Under the LOI, the Norcross Braca Group will make a new investment of at least $35 million in the Company.
  • Upon the consummation of the Capital Raise, Republic will pay certain fees and expenses of the Norcross Braca Group and assume certain investment banking and legal expenses.
  • With this announcement, we plan to work with the Norcross Braca Group to put Republic on the best footing possible to enhance value for all shareholders.
  • Sullivan & Cromwell LLP and Ballard Spahr are serving as legal advisors to the Norcross Braca Group.

Republic Bank Provides Update on Listing Status

Retrieved on: 
Tuesday, August 22, 2023

The Company expects its common stock to promptly begin trading on the OTC marketplace, enabling investors to continue to access accurate information, including stock price quotes, and execute trades.

Key Points: 
  • The Company expects its common stock to promptly begin trading on the OTC marketplace, enabling investors to continue to access accurate information, including stock price quotes, and execute trades.
  • Consequently, the audit process that new management and the Company’s external advisors had to undertake has been extensive and time-consuming.
  • The Company may apply to list on a major exchange after it files all delayed reports and meets other listing requirements.
  • Additional information related to today’s update is included in a Current Report on Form 8-K filed by Republic with the SEC.

Republic First Bancorp, Inc. Receives Compliance Notice and New Notice of Non-Compliance from Nasdaq

Retrieved on: 
Thursday, August 17, 2023

PHILADELPHIA, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ: FRBK) (the “Company”), the holding company for Republic First Bank d/b/a Republic Bank, announced that, as anticipated, on August 11, 2023, The Nasdaq Stock Market LLC (“Nasdaq”) notified the Company that because the Company’s Form 10-Q for the three months ended June 30, 2023 (the “Form 10-Q”) was not timely filed with the Securities and Exchange Commission (the “SEC”), the Company did not satisfy Nasdaq Listing Rule 5250(c)(1) (the “Filing Requirement”) and that the Nasdaq Hearings Panel (the “Panel”) would consider the additional deficiency in its deliberations regarding the Company’s continued listing.

Key Points: 
  • PHILADELPHIA, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ: FRBK) (the “Company”), the holding company for Republic First Bank d/b/a Republic Bank, announced that, as anticipated, on August 11, 2023, The Nasdaq Stock Market LLC (“Nasdaq”) notified the Company that because the Company’s Form 10-Q for the three months ended June 30, 2023 (the “Form 10-Q”) was not timely filed with the Securities and Exchange Commission (the “SEC”), the Company did not satisfy Nasdaq Listing Rule 5250(c)(1) (the “Filing Requirement”) and that the Nasdaq Hearings Panel (the “Panel”) would consider the additional deficiency in its deliberations regarding the Company’s continued listing.
  • The Company intends to present its plan to file the Form 10-Q with the SEC and thereby evidence full compliance with the Filing Requirement for the Panel’s review.

Republic Bank Further Enhances Senior Leadership Team with Appointment of Linda Sanchez as Executive Vice President and Chief People Officer

Retrieved on: 
Wednesday, July 19, 2023

PHILADELPHIA, July 19, 2023 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ: FRBK) (“Republic” or the “Company”), the parent company of Republic First Bank d/b/a Republic Bank (the “Bank”), today announced the appointment of Linda Sanchez as Executive Vice President and Chief People Officer (“CPO”), effective July 17, 2023.

Key Points: 
  • PHILADELPHIA, July 19, 2023 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ: FRBK) (“Republic” or the “Company”), the parent company of Republic First Bank d/b/a Republic Bank (the “Bank”), today announced the appointment of Linda Sanchez as Executive Vice President and Chief People Officer (“CPO”), effective July 17, 2023.
  • Ms. Sanchez brings more than 25 years of experience in human resources, administration, and operations across the financial and professional services sectors.
  • "We are thrilled to welcome Linda to our Executive Leadership Team as Chief People Officer.
  • This is another important step in a series of actions we are taking to strengthen our senior leadership and position Republic to execute on our value-enhancing strategy.

Republic First Bancorp, Inc. Chairman Andrew Cohen and CEO Thomas Geisel Send Letter to Shareholders Outlining Progress on Strategy to Transform Company, Increase Profitability and Drive Long-Term Value

Retrieved on: 
Monday, July 17, 2023

PHILADELPHIA, July 17, 2023 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ: FRBK) (“Republic” or the “Company”), the parent company of Republic First Bank d/b/a Republic Bank (the "Bank"), today announced that Chairman Andrew B. Cohen and President and Chief Executive Officer Thomas X. Geisel have sent a letter to shareholders. The letter explains the challenges Republic has faced, details the elements of the strategy being executed by the new management team and overseen by a refreshed Board, and highlights the significant opportunities the Company has to deliver long-term value. The Company also issued a new presentation covering in detail the strategic initiatives underway at Republic.

Key Points: 
  • The letter explains the challenges Republic has faced, details the elements of the strategy being executed by the new management team and overseen by a refreshed Board, and highlights the significant opportunities the Company has to deliver long-term value.
  • The Company also issued a new presentation covering in detail the strategic initiatives underway at Republic.
  • The Capital Raise was predicated on identifying additional investors to participate at the same $2.25 price per share as Castle Creek and Cohen Private Ventures by September 9, 2023.
  • “We are executing on a clear strategy to address legacy issues stemming from prior management, drive profitability and enhance shareholder value.

Republic Bank Announces 3-Year Community Reinvesetment Grant Donation to Margate Terrace Senior Living in Partnership with Senior Secure

Retrieved on: 
Wednesday, July 5, 2023

PHILADELPHIA, July 05, 2023 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ: FRBK), the parent company Republic First Bank d/b/a Republic Bank (the “Bank”) is proud to announce a significant donation from the Bank in the form of a 3-year grant to Margate Terrace Senior Living Apartment Building.

Key Points: 
  • PHILADELPHIA, July 05, 2023 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ: FRBK), the parent company Republic First Bank d/b/a Republic Bank (the “Bank”) is proud to announce a significant donation from the Bank in the form of a 3-year grant to Margate Terrace Senior Living Apartment Building.
  • Margate Terrace, a senior living apartment building for low-to-moderate income residents, has been serving the Jersey Shore community for 28 years.
  • With the generous grant from Republic Bank, Margate Terrace will further amplify its ongoing efforts in creating a safe, comfortable, and thriving environment for its residents.
  • During a special ceremony held at Margate Terrace, Retail Market Manager Leslie DiLuigi and CRA Development Manager Christina Nugent presented the grant on behalf of Republic Bank.

Republic Bank Announces Annual Meeting Date

Retrieved on: 
Friday, June 30, 2023

PHILADELPHIA, June 30, 2023 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ: FRBK) (“Republic” or the “Company”), the parent company of Republic First Bank d/b/a Republic Bank (the "Bank"), today announced that its 2022 Annual Meeting of Shareholders (the “Annual Meeting”) will be held on Thursday, October 5, 2023.

Key Points: 
  • PHILADELPHIA, June 30, 2023 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ: FRBK) (“Republic” or the “Company”), the parent company of Republic First Bank d/b/a Republic Bank (the "Bank"), today announced that its 2022 Annual Meeting of Shareholders (the “Annual Meeting”) will be held on Thursday, October 5, 2023.
  • The Board of Directors (the “Board”) has set August 11, 2023 as the record date for determining shareholders entitled to receive notice of, and vote at, the Annual Meeting.
  • The Board intends to expand its size by one director at the Annual Meeting, such that shareholders will have the opportunity this year to vote on three directors on a Board of eight.
  • Further information about the Annual Meeting, including the Company’s director nominees, will be presented in the Company’s definitive proxy statement to be filed with the Securities and Exchange Commission (the “SEC”) in due course.