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(Reuters) -U.S. regulators are set to grab Republic First Bancorp (OTC:) and are nearing a deal to promote it to a different lender, the Wall Road Journal reported on Friday, citing individuals accustomed to the matter.
If seized, it could mark the newest regional financial institution failure following the surprising collapses of three lenders – Silicon Valley and Signature in March 2023 and First Republic in Could.
A deal for Republic First Bancorp (NASDAQ:) may very well be introduced as quickly as Friday, the report mentioned, including that the identification of the anticipated purchaser couldn’t be realized and it’s nonetheless potential the deal might collapse.
The Philadelphia-based lender struck a cope with an investor group that included veteran businessman George Norcross, high-profile lawyer Philip Norcross late final 12 months, however that was terminated in February.
After that deal collapsed, the Federal Deposit Insurance coverage Corp (FDIC) resumed efforts to grab and promote the financial institution, the Wall Road Journal reported.
FDIC and Republic First didn’t instantly reply to a Reuters request for remark.
The regional lender was reeling with greater prices and incapability to enhance profitability that prompted it to chop jobs and exit its mortgage origination enterprise in early 2023.
The financial institution’s inventory worth has tumbled from simply over $2 at first of the 12 months to about 1 cent on Friday, leaving it with a market capitalization beneath $2 million.
Its shares had been delisted from the Nasdaq in August and now commerce over-the-counter.
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