PHILADELPHIA, PA — Republic First Bancorp, Inc. (OTCEM: FRBK), the parent company of Republic Bank, and the Norcross Braca Group, led by George E. Norcross, III, and including other Norcross family members and affiliates, recently announced an updated timeline for the closing of their significant $35 million capital investment deal.
The parties have mutually agreed to extend the outside closing date for the investment to February 29, 2024. This extension is contingent on the fulfillment of the closing conditions outlined in the securities purchase agreement filed with the Securities and Exchange Commission on November 2, 2023. To facilitate the approval of the transaction, Republic will hold a special meeting of stockholders no later than February 16, 2024.
Adding to the certainty of the investment, the Norcross Braca Group has deposited the entire $35 million investment into an escrow account. These funds are set to be released to the Company upon the closing of the transaction.
George E. Norcross, III, spoke positively about the progress made so far, stating, “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.”
Thomas X. Geisel, President and CEO of Republic, commented on the ongoing efforts to strengthen the Company’s capital position while maintaining a high level of service for customers. He also highlighted the valuable contributions of Phil and Greg as Observers to the Board since the investment announcement.
In related news, Republic has decided to postpone the Company’s 2022 annual meeting, previously scheduled for December 19, 2023, to better align with the timing of the transaction close. The new date for the annual meeting, along with the record date for determining shareholders eligible to vote at this meeting, will be announced in due course.
This investment is part of Republic’s plan to raise a total of $75 million to $100 million in capital, and it signifies a significant step towards setting Republic First up for long-term success. The forthcoming weeks are expected to bring more clarity on the final stages of this pivotal transaction.
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