'FDIC Suspends Sales Process For Republic First Bancorp' - BNN Bloomberg
Portfolio Pulse from Benzinga Newsdesk
The Federal Deposit Insurance Corp. (FDIC) has suspended the auction process for Republic First Bancorp Inc. after the bank struck a deal to raise money from investors. The FDIC had sought bids for Republic First last week. The bank, which delisted from the Nasdaq in August, announced it would raise $35 million from a group of investors including George E. Norcross III, Gregory B. Braca and Philip A. Norcross.
November 01, 2023 | 6:18 pm
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Republic First Bancorp's auction process has been suspended by the FDIC following the bank's deal to raise $35 million from investors. This could potentially stabilize the bank's financial situation.
The suspension of the auction process by the FDIC indicates a shift in strategy for Republic First Bancorp. The bank's successful capital-raising effort could potentially improve its financial stability, which could positively impact its stock in the short term.
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