Norcross investor group ends agreement with parent firm of troubled Republic Bank

PHILADELPHIA - An investor group led by Camden businessman George Norcross III has ended its purchase agreement with the parent firm of Republic Bank.

The group said Republic First Bancorp Inc. had failed to satisfy closing conditions, including filing an annual report for 2022 and scheduling a long-delayed shareholder meeting.

The deal's deadline was previously extended to Feb. 29 from Nov. 30, 2023,

The agreement, reached in November, was intended to bolster Republic's balance sheet and improve its regulatory capital.

In a statement, Republic First said, "Our strategic plan has been designed to be executed even without the investment announced last fall. We have continued to maintain the bank’s adequately capitalized position, and believe we have a strong deposit base and ample liquidity."

It said work was continuing to prepare complete financial reports for 2002 onward, and called that "a key for us and and investors in considering opportunities for growth capital in the future.”

Among other details, the agreement called for two members of the Norcross group and two independent newcomers to sit on Republic's board of directors.

Due to the deal's termination, voting agreements reached in connection with the purchase deal "will become null and void," the Norcross group said in a filing with the U.S. Securities and Exchange Commission,.

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The agreement was reached after about 18 months of fighting over who would run Republic, which has 33 offices in the South Jersey-Philadelphia area and New York City.

Norcross operates a Camden-based insurance firm, is chairman of Cooper University Health Care, and leads South Jersey's Democratic organization.

The investment group includes his brother, Mount Laurel attorney Philip Norcross; and former TD Bank executive Gregory Braca.

The agreement called for Philip Norcross to become Republic Bancorp's chairman.

Braca also was to join the seven-member board, along with former New Jersey First Lady Mary Pat Christie and another independent director.

Four incumbent directors were to exit, including current chairman Andrew B. Cohen and former chairman and founder, Harry Madonna.

Another former chairman, Moorestown banker Vernon Hill II, left near the beginning of the dispute.

Jim Walsh is a senior reporter for the Courier-Post, Burlington County Times and The Daily Journal. Email: Jwalsh@cpsj.com.

This article originally appeared on Cherry Hill Courier-Post: Norcross group cites Republic Bancorp's failure to file annual report