George Norcross’ dissident investor group fighting for control of Philadelphia’s Republic First Bancorp Inc. has filed suit against the company and several board members, it announced Wednesday.
The group led by Norcross, former TD Bank executive Greg Braca and Norcross’ brother, attorney Philip Norcross, said in a news release that it sued Republic First, Chairman and CEO Vernon Hill — the founder of Commerce Bank — and directors Brian P. Tierney, Theodore J. Flocco Jr. and Barry L. Spevak.
The suit claims the defendants allegedly modified employment and compensation agreements to keep Hill in place at the head of Republic Bank.
It is the latest salvo in the fight for control of the company, which includes half of the board members publicly questioning the other half’s actions.
