A fund-raising truce in the two-year fight for Philly's troubled Republic Bank paves path for South Jersey powerbroker George Norcross III and his family and allies to take it over.
A pact between ailing Republic First Bancorp, Inc. and rebel shareholders led by South Jersey business and political boss George L. Norcross III, is designed to raise needed cash, replace most of the board, and end a costly struggle for control of the largest bank still based in Philadelphia.
The deal has the support of the bank’s board, chaired by Andrew B. Cohen, a New York investor who earlier worked for hedge fund mogul Steven A. Cohen, who is unrelated. It also includes the bank’s founder, Harry D. Madonna, and other Madonna and Cohen loyalists.and Chairman Vernon W. Hill II, who previously founded, grew, and was forced out of Commerce Bancorp and Metro Bank .
Both sides had offered to raise more than the deal now calls for in earlier, rival proposals — but that was beforefor the bank’s failure to file financial reports while it was investigating contracts during the Hill regime, and collapsed in value. There would also be four other new board members unaffiliated with the bank, including two to be named by the investors who raise the $40 million-plus, with aid from Norcross; as well as the bank’s chief executive, currently veteran South Jersey banker Thomas X. Geisel.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
'George Lucas Is On The Phone': Rogue One Director Remembers George Lucas' ReactionGareth Edwards recalls Lucas' Rogue One praise.
Les mer »
The Dark Knight’s Joker Bank Robbery Harshly Criticized By Real-Life Bank RobberLedger's Joker was The Dark Knight's standout.
Les mer »
Bank of England delays final Basel bank capital rules to July 2025 By ReutersBank of England delays final Basel bank capital rules to July 2025
Les mer »
Separatists say 'Karabakh republic' will 'cease to exist' by Jan. 1, 2024Announcement reaffirms Azerbaijan's total recontrol over enclave following lightning anti-terror operation that vanquished the Armenia-backed separatists.
Les mer »
The Peter Do x Banana Republic Collection Is Finally Here (Sort of)Gird your coins!
Les mer »