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Microcap bank's stock rises 194% to 15 cents a share after it files plan to raise $35 million from activist investor Philip A. Norcross III and others.
A small bank is following the same path as banks that collapsed earlier this year, worrying some that it could trigger another banking crisis.
Company Announces that Republic and Affiliates of Castle Creek Capital and Cohen Private Ventures Have Agreed to Mutually Terminate Previously Announced Capital Raise
Republic First Bank announced the election of Andrew Cohen as chairman of the board of directors, effective June 1.
The Philadelphia bank's CEO says it will wait for a more favorable time to pursue a planned $125 million capital raise, while the leader of an activist group blasted the decision and announced the renewal of proxy and legal fights.