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After a bruising proxy fight that led to the ouster of the Philadelphia bank's former chairman and CEO Vernon Hill, remaining stakeholders find themselves in disagreement over a potential sale of the the company.
The case was also not 'extreme' enough to warrant the appointment of a custodian, an appeals court said.
The Philadelphia bank's board acted fast to fill a vacant board seat after a recent court victory, ending a deadlock that kept Hill's position secure.
Appeals court overturned a ruling that had called for a custodian to oversee the fractured Republic First Bank board.
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.