On May 17, 2022, George E. Norcross, III, Gregory B. Braca, Philip A. Norcross, Avery
Conner Capital Trust, a trust organized under the laws of the State of Florida (the Avery Conner Capital Trust), Susan D. Hudson, in her capacity as a Trustee of the Avery Conner Capital Trust, Geoffrey B. Hudson, in his capacity
as a Trustee of the Avery Conner Capital Trust and Rose M. Guida, in her capacity as a Trustee of the Avery Conner Capital Trust, issued the following press release:
Norcross Braca Group Supports New Board Leadership and Majority at Republic First, Withdraws All Litigation Filed Against Company and Certain Directors
Suits Sought to Protect Shareholders, Compel Production of Corporate Books and Records
CAMDEN, NJ: George E. Norcross, III, Gregory B. Braca and Philip A. Norcross have withdrawn the two lawsuits filed against Republic First Bancorp, Inc.
(Republic First or the Company) (FRBK) and certain of its directors.
On March 8, 2022, the three leaders of the Norcross
Braca group filed a lawsuit against Republic First and certain board members regarding alleged efforts to modify employment and compensation agreements in order to entrench Vernon W. Hill, II as Chairman and CEO and disenfranchise the Republic First
shareholders. On April 19, 2022, the trio sought to amend their complaint to seek the scheduling of an annual meeting, appoint a custodian to break the then existing deadlock of the Companys board and prevent any changes designed to
protect or enrich current leadership upon a change of control. Messers Norcross and Braca have filed papers with the Court dismissing the action without prejudice.
On March 29, 2022, George Norcross filed suit in the Philadelphia Court of Common Pleas to compel Republic First to make available for inspection the
Companys books and records as is required under Pennsylvania law. Filed in the Philadelphia Court of Common Pleas, the suit was necessitated by Republic Firsts repeated attempts over a six-week
period to prevent turning over the records, including information about related party transactions, and impose unreasonable and unworkable restrictions on their dissemination, effectively refusing to make its books available to Norcross and his
partners. Mr. Norcross has filed papers with the Court dismissing the action without prejudice.
Please visit www.sec.gov
[sec.gov] to obtain copies of any Schedule 13D, as amended from time to time, and 14A filings by the group led by George E. Norcross, III, Gregory B. Braca and Phillip A. Norcross.
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
The
Group (as defined below) has filed a preliminary proxy statement with the Securities and Exchange Commission (the SEC) with respect to the election of directors of Republic First Bancorp, Inc. (the Issuer), which the Group
expects will occur at the 2022 annual meeting of shareholders once scheduled by the Issuer (the 2022 Annual Meeting).
GEORGE E. NORCROSS,
III, GREGORY B. BRACA, PHILIP A. NORCROSS, AVERY CONNER CAPITAL TRUST AND SUSAN D. HUDSON, GEOFFREY B. HUDSON, ROSE M. GUIDA AND PHILIP A. NORCROSS, EACH IN THEIR CAPACITIES AS CO-TRUSTEES THEREOF
(COLLECTIVELY, THE GROUP), MAY BE DEEMED TO BE PARTICIPANTS IN THE SOLICITATION OF PROXIES WITH RESPECT TO THE 2022 ANNUAL MEETING. A DESCRIPTION OF THE PARTICIPANTS INTERESTS, BY SECURITY HOLDINGS OR OTHERWISE, IS CONTAINED IN THE
SCHEDULE 13D, JOINTLY FILED BY THE GROUP ON JANUARY 31, 2022, AS AMENDED FROM TIME TO TIME. SHAREHOLDERS OF THE ISSUER ARE STRONGLY ADVISED TO READ THE GROUPS PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SECS WEBSITE AT HTTP://WWW.SEC.GOV [sec.gov]. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE
GROUPS PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS PROXY SOLICITOR.