Philadelphia Lender Agrees to Rescue Deal After Stock Plummets newsbhunt


Updated Oct. 27, 2023 6:08 pm ET

A Philadelphia bank struggling to stay afloat agreed to a deal with an investor group aimed at shoring up its finances, a sign that smaller lenders are still under stress after a wave of failures shook the industry earlier this year.

Republic First Bancorp is set to receive a $35 million infusion from a group of existing investors led by George Norcross III, Philip Norcross and Gregory Braca, the bank said, confirming an earlier Wall Street Journal report. The bank is in talks to raise another $40 million to $65 million from additional investors.

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