Philadelphia Lender Agrees to Rescue Deal After Stock Plummets
A group of existing investors will provide $35 million to shore up Republic First Bancorp, in a sign of continued stress in regional banking.
A struggling Philadelphia bank agreed to a financial deal with a group of investors to help it stay afloat. This is a sign that the smaller lenders are still in a state of stress following a recent wave failures.
The bank confirmed that a Wall Street Journal article earlier this year had stated that Republic First Bancorp would receive a $35-million infusion from existing investors George Norcross III and Philip Norcross, as well as Gregory Braca. The bank is currently in discussions to raise an additional $40 million to $60 million from investors.