FDIC is approaching potential buyers of Republic First, Bloomberg News reports

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April 24, 2024 4:31 PM EDT

(Reuters) -The Federal Deposit Insurance Corp (FDIC) is in talks with potential buyers for Republic First Bancorp, 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.

(Reporting by Pritam Biswas in Bengaluru; Editing by Shilpi Majumdar)


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