Republic First Bancorp, the parent company of Republic Bank, provided an updated timeline for the closing of the previously announced $35 million capital investment in the company by George E. Norcross III, Gregory B. Braca, Philip A. Norcross, Lexie Norcross and other Norcross family members and affiliates (collectively, the Norcross Braca Group).
The parties agreed to extend the outside date for the closing of the investment to Feb. 29, 2024, subject to the closing conditions outlined in the securities purchase agreement filed with the SEC on Nov. 2. Republic will now hold a special meeting of stockholders no later than Feb. 16, 2024, to facilitate the approval of the transaction.
Further solidifying the investment, the Norcross Braca Group deposited $35 million into an escrow account, which is to be released to Republic upon closing.
“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,” George E. Norcross III, said. “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.”
“While we proceed toward closing this transaction to strengthen the company’s capital position, our team continues to work on making sustainable process and operational efficiency improvements while maintaining Republic Bank’s focus on providing a high level of service and responsiveness for our customers and communities,” Thomas X. Geisel, president and CEO of Republic, said. “Phil and Greg have been valuable additions as observers to the board since we announced the investment and the continuation of our plan to raise a total of $75 million to $100 million in capital.”
Republic also announced that the company’s annual meeting, which had previously been scheduled for Dec. 19 will be postponed to better align with the timing of the transaction close.
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