Republic First Bancorp postpones shareholder meet as it reviews strategic options

(Reuters) -Republic First Bancorp has postponed its 2022 annual shareholders meeting until Dec. 19 and said it continues to be in talks with parties, including Norcross-Braca Group, to assess potential strategic opportunities, according to a regulatory filing.

The postponement comes a month after the company saw its shares getting delisted from the Nasdaq after failing to file its 2022 annual report with the securities regulator.

The shareholders meeting was previously scheduled for Oct. 5.

A regulatory filing in late August by the Norcross-Braca group, led by activist investor George Norcross, said that Republic First was in talks with the group for an equity investment and a broader capital raise.

The Philadelphia-based regional lender has had a rough year, cutting jobs and exiting its mortgage origination business to cut costs and improve profitability.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Tasim Zahid)

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