Philadelphia Lender Agrees to Rescue Deal After Inventory Plummets

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 beneath stress after a wave of failures shook the business earlier this 12 months.

Republic First Bancorp is about to obtain a $35 million infusion from a gaggle of current buyers led by George Norcross III, Philip Norcross and Gregory Braca, the financial institution stated, confirming an earlier Wall Road Journal report. The financial institution is in talks to boost one other $40 million to $65 million from extra buyers.