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.
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