Page 2 - Greg Braca News Today

NJBIZ 2023 Power 100: Meet the women and men who are creating New Jersey’s future.

The Republic First Bank saga heated up again as the company and an activist investor group, led by George Norcross, exchanged more barbs.

A judge ordered a delay of Republic First Bank’s annual shareholder meeting, which was finally scheduled to take place Jan. 26.

The Norcross Braca group sent a scathing letter to Republic Bank's board alleging inappropriate conduct and demanding an investigation.

As the Republic First Bank saga moves through its post-proxy-fight phase, there has been no slowdown in the back-and-forth.

Following an outcry, the Philadelphia company said its chairman and CEO, Harry Madonna — who would receive a $1 million windfall if the bank is sold — won't be part of the strategic review committee set up to evaluate any bids.

Harry Madonna, the Philadelphia bank's founder, has taken back the reins after its most recent CEO, Vernon Hill, said he was forced to resign.

The case was also not extreme enough to warrant the appointment of a custodian, an appeals court said.

Banking news

The latest development removes a custodian that had been appointed to the Philadelphia bank's board, where a vacancy created an opportunity for multiple factions to try to wrest control from CEO Vernon Hill.