The group of dissident investors in Republic First Bancorp that is led by George Norcross has increased its holdings in the Philadelphia-based bank, according to a recent Securities & Exchange Commission filing.
Norcross’ group is seeking to oust Republic Bank’s CEO, former Commerce Bank founder Vernon Hill, citing Republic’s underperforming stock.
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When the group, which also includes former TD Bank CEO Greg Braca — who would replace Hill — first announced its intentions, it said it controlled 6.6% of Republic’s common stock.
A new Schedule 13 filing this week said Norcross’ group has increased its share of the bank to 7.8% of its outstanding common stock.
The signatories on the filing include Norcross; Braca; Norcross’ brother, Philip Norcross; Susan Hudson; Geoffrey Hudson; and Rose Giuda.