Democratic broker from South Jersey George Norcross and former TD Bank CEO Greg Brack sent a letter today to the board of directors of Republic First Bancorp asking to allow them to exceed 10% stake in the bank without imposing certain restrictions. Currently, the two-person group controls 9.6% of the bank’s shares.
The request is the last part of the monthly application of Norcross and Braca change the bank in their image. In January, the group announced that it together owns 6.6% of the bank’s shares, making them the largest non-institutional, non-insider shareholders, and said it wanted to make some changes.
“We believe that the company’s declining stock performance over several years is directly due to weak operating results, including return on assets and return on capital of less than half that of its counterparts, as well as efficiency ratios and cost of funds for its contributions. higher than industry standards, ”they wrote.
The most significant change advocated by Norcross and Marriage is the appointment of Marriage himself as CEO of Republic First. Current CEO Vernon Hill, who has a long history with Norcross; a coalition led by Norcross filed a notice with the Securities and Exchange Commission two weeks ago opposed the renaming of Hill to chairman.