FRBK - Republic First Bancorp reiterates that activist Norcross refuses to negotiate

Republic First Bancorp ( NASDAQ: FRBK ) reiterated that activist investor George E. Norcross III, Avery Conner Capital Trust and others  refuse to sign a standard non-disclosure agreement to participate in its strategic review process . Republic First Bank fell 2.6%.

The investor group "refuses to halt public attacks and sign a standard non-disclosure agreement to participate in a full and fair strategic review process that it initially welcomed,"  Republic First Bancorp ( FRBK ) said in a statement . "This posture – which is consistent with Mr. Norcross’s actions in other situations – is the case despite the company sharing preliminary feedback and trying to facilitate a dialogue."

The latest statement from Republic First Bancorp ( FRBK ) comes after the bank said in late October that the investor group refused to negotiate to participate in the company's strategic review process.

Republic First Bancorp ( FRBK ) said the investor's recent actions follow as the company has a refreshed board and is making initial progress on optimizing its expense base and engaging with prospective capital and strategic partners.

Republic First ( FRBK ) in early October agreed to a cooperation agreement with investor Driver Management, including nominating a candidate to its board.

The Norcross investor group originally disclosed it had acquired  stake in Republic First ( FRBK ) last January and were pushing for the exit of its CEO at the time. Former CEO Vernon Hill resigned in July.

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