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FDIC is approaching potential buyers of Republic First, Bloomberg News reports
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FDIC is approaching potential buyers of Republic First, Bloomberg News reports
Apr 24, 2024 2:13 PM

April 24 (Reuters) - The Federal Deposit Insurance Corp

(FDIC) is in talks with potential buyers for Republic First

Bancorp ( FRBK ), Bloomberg News reported on Wednesday, citing

people with knowledge of the matter.

The lender struck a deal with an investor group that

included veteran businessman George Norcross, high-profile

attorney Philip Norcross late last year, but the deal was

terminated in February.

The regulator is seeking bids for the Philadelphia regional

bank, Bloomberg News reported, citing the people.

Republic First did not immediately respond to Reuters'

request for a comment. FDIC declined to comment.

Republic First cut jobs last year to reduce costs and exited

its mortgage origination business. Its shares were delisted from

the Nasdaq in August and now trade over the counter.

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