FRBK - Activist investor wants Republic First to stop director compensation perks

2023-05-25 14:06:13 ET

An activist investor group called on Republic First Bancorp ( NASDAQ: FRBK ) to immediately eliminate director compensation and perks because the company hasn't satisfactorily explained why it suspended a $125B capital raise.

The investor group, including George A. Norcross, III; Gregory B. Braca; and Philip A. Norcross, said the FRBK's decision to postpone the equity placement with Castle Creek Capital and Cohen Private ventures "is confusing because just a few weeks ago the company cited the need to preserve capital as the reason it would discontinue payments to holders of its subordinated debt and preferred securities."

Last week, the Norcross Braca group said it was resuming its proxy fight to replace Republic First ( FRBK ) board members.

Separately, Republic First ( FRBK ) on Thursday said it's adding staff to its Small Business Administration team as part of its strategy to fous on its core businesses in its core markets.

Republic First stock gained 0.7% in midafternoon trading.

Last week, the company received a notice of non-compliance from Nasdaq because it hasn't yet filed its March quarter financial report.

Republic First ( FRBK ) said winding down its New York City commercial lending business and mortgage origination business had a positive impact on its capital position .

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