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FDIC suspends Republic First Bancorp's auction process - Bloomberg News

Published 11/01/2023, 03:34 PM
Updated 11/01/2023, 03:37 PM
© Reuters.

(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.

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