Republic First Bancorp.’s stock was up by 194% to 15 cents a share on Thursday after it filed an agreement for a $35 million private placement by Norcross Braca Group, an activist investor in the microcap bank.
The bank initially announced the deal on Sept. 27, but at that time, it was contingent on whether it would raise additional capital. On Friday, the bank said the money would come in whether or not it raised additional capital. Norcross, who is also executive chairman of insurance broker Conner Strong & Buckelew, initially invested in Republic First Bancorp. about 18 months ago.The move by the FDIC to drop its auction of the bank was initially reported by Bloomberg.
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