In October, an investment group led by South Jersey power broker George Norcross, his brother and Parker McKay CEO Philip Norcross, and former TD Bank U.S. CEO Greg Braca agreed to invest $35 million into Republic First Bancorp and the deal is expected to close by the end of February 2024, writes Jeff Blumenthal for the Philadelphia Business Journal.

Philadelphia-based Republic First, the parent company of Republic Bank, said it is planning a shareholder meeting on February 29 to approve the transaction.

This could infuse up to $100 million into the bank with participation from additional investors. 

“We have made significant progress … we will be able to move forward quickly when all requirements have been met and closing conditions have been satisfied,” said George Norcross in a statement. “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.”

Under the terms of the deal, Philip Norcross would become chairman of the bank’s board of directors, while Braca and two unnamed individuals would become directors.

Read more about Republic First’s new investment at the Philadelphia Business Journal.

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