FRBK - Republic First Bancorp names Andrew Cohen independent chairman amid proxy fight

2023-05-30 16:40:05 ET

Republic First Bancorp ( NASDAQ: FRBK ) said Tuesday that Andrew B. Cohen has been elected indepedendent chairman effective June 1, 2023, and Harry D. Madonna, who founded the company in 1988, stepped down from the chairman role.

Cohen, who joined FRBK's board in 2017, is chief investment officer and co-founder of Cohen Private Ventures LLC, a long-term shareholder of Republic First ( FRBK ).

Madonna will continue to serve as a director.

The change in the chairman role comes after an activist investor group, that's seeking to replace FRBK board members, called on the company to eliminate director compensation and perks because the company hasn't satisfactorily explained why it suspended a $125M capital raise.

In March, Republic First had planned a private equity placement with Castle Creek Capital and Cohen Private Ventures. But then in May said its moves to wind down its New York City commercial lending business and mortgage origination business had improved its capital position . At that point, it said it decided to wait for market conditions to stabilize before identifying additional participants in the capital raise.

Also in May, Republic First ( FRBK ) received a non-compliance notice from Nasdaq for not filing its quarterly Q1 report in a timely manner.

In April SA analyst Carlton Getz called Republic First a High Failure Risk

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