Daily News | Federal judge gives squabbling Republic board a week to settle its power struggle
Two factions fighting for control of Philadelphia-based Republic Bancorp have entered a one-week cooling-off period, after federal Judge Paul Diamond on Tuesday night declined to rule immediately on chief executive Vernon Hill’s demand for an order toHill was ousted last week by four Republic directors, who also announced his replacement -- past Republic chairman Harry Madonna -- on May 13.
Diamond wants the two sides to agree on their own rules for overseeing the bank, according to people familiar with the Madonna faction’s strategy. A spokesman for Hill and the bank did not respond to requests for comment on Wednesday. The Madonna faction, backed by dissident shareholders including onetime Hill ally George Norcross, is supporting a rival slate of directors at an as-yet unscheduled election, which would give them a clear majority on the board.
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