Philadelphia Lender Nears Rescue Deal After Stock Plummeted

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Investor group aims to shore up Republic First Bancorp, in sign of continued stress in regional banking

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https://www.wsj.com/finance/banking/philadelphia-lender-nears-rescue-deal-after-stock-plummeted-1fac1488A Philadelphia bank struggling to stay afloat is nearing a deal with an investor group aimed at shoring up its finances, a sign that smaller lenders are still under stress after 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, according to people familiar with the matter. The bank is in talks to raise another $40 million to $65 million from additional investors.This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law.

 

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