(Reuters) - The Federal Deposit Insurance Corp (FDIC) has suspended an auction process for Republic First Bancorp (OTC:FRBK), after the bank struck a deal with an investor group to raise money, Bloomberg News reported on Wednesday.
The FDIC notified potential buyers on Tuesday that the bank's capital-raising effort was the avenue it was focused on pursuing, the report added, citing people familiar with the matter.
Republic First Bancorp (NASDAQ:FBNC) did not immediately respond to Reuters request for comment, while the FDIC declined to comment.
Investor group Norcross Braca last week agreed to pump $35 million into troubled lender Republic First Bancorp whose shares were delisted in August and trade on the over-the-counter marketplace.
The lender had earlier also postponed its 2022 annual shareholders meeting until December.