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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