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Up to date Oct. 27, 2023 6:08 pm ET
A Philadelphia financial institution struggling to remain afloat agreed to a cope with an investor group geared toward shoring up its funds, an indication that smaller lenders are nonetheless below stress after a wave of failures shook the trade earlier this 12 months.
Republic First Bancorp is ready to obtain a $35 million infusion from a gaggle of present buyers led by George Norcross III, Philip Norcross and Gregory Braca, the financial institution stated, confirming an earlier Wall Avenue Journal report. The financial institution is in talks to lift one other $40 million to $65 million from further buyers.
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