Norcross group continues revolt against Republic First, increasing ownership stake

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.

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.