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Philadelphia lender agrees to salvage deal after stocks fall

Philadelphia lender agrees to salvage deal after stocks fall


Updated October 27, 2023 at 6:08 p.m. ET

A Philadelphia bank struggling to stay afloat has reached a deal with a group of investors aimed at shoring up its finances, a sign that smaller lenders are still under pressure after a wave of bankruptcies rocked the sector earlier this year.

Republic Premier Bancorp is set to receive a $35 million infusion from a group of existing investors led by George Norcross III, Philip Norcross And Gregory Braca, the bank said, confirming an earlier Wall Street Journal article. The bank is in talks to raise an additional $40 million to $65 million from additional investors.

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Eleon

With a penchant for words, Eleon Smith began writing at an early age. As editor-in-chief of his high school newspaper, he honed his skills telling impactful stories. Smith went on to study journalism at Columbia University, where he graduated top of his class. After interning at the New York Times, Smith landed a role as a news writer. Over the past decade, he has covered major events like presidential elections and natural disasters. His ability to craft compelling narratives that capture the human experience has earned him acclaim. Though writing is his passion, Eleon also enjoys hiking, cooking and reading historical fiction in his free time. With an eye for detail and knack for storytelling, he continues making his mark at the forefront of journalism.
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