Exhibit 7(q)
Republic Bancorp and Norcross Braca Group Announce $35 Million Investment
Investment Will Improve Capital Ratios and Result in Reconstitution of Republic Board, with Appointment of
Philip A. Norcross as Chair as well as Gregory B. Braca and Two New Independent Directors
Legacy Directors Andrew B. Cohen, Harry D. Madonna, Lisa Jacobs and Harris Wildstein to Depart from Board
PHILADELPHIA, October 27, 2023 (GLOBE NEWSWIRE) Republic First Bancorp, Inc. (OTCEM: FRBK) (Republic or the
Company), the parent company of Republic First Bank d/b/a Republic Bank, and George E. Norcross, III, Gregory B. Braca, Philip A. Norcross, Lexie Norcross, other Norcross family members and affiliates (collectively, the Norcross
Braca Group), today announced that they have signed a Securities Purchase Agreement to effectuate a $35 million investment by the Norcross Braca Group. As part of the agreement, the Companys Board of Directors (the
Board) will be reconstituted, with former TD Bank U.S. CEO Gregory B. Braca and two other highly qualified individuals joining as Directors and Philip A. Norcross becoming the Chair. Upon closing of the new investment, which is subject
to regulatory approval and other conditions related to the Company, the remainder of the previously announced $75 million to $100 million capital raise will commence.
George E. Norcross, III today stated:
As we said when we
first announced we had taken a stake in Republic First more than 18 months ago: we believe that with proper Board leadership and a focus on improving operations, the Company can provide great service to its customers and depositors as well as value
to its shareholders. This investment and new leadership on the Board is the next step of what will be the new Republic First.
Thomas X. Geisel,
President and Chief Executive Officer of Republic, commented:
This is an important milestone to strengthen our balance sheet and improve our
operations. We look forward to having the benefit of Phils and Gregs expertise in the boardroom as we work together to enhance value for all stakeholders and chart Republic Firsts future.
Upon the closing of the Securities Purchase Agreement, the Companys Board will consist of seven members: incumbents Mr. Geisel, Benjamin C. Duster,
IV, and Peter B. Bartholow, as well as Philip Norcross, Mr. Braca, and two new independent Directors. Philip Norcross will be Chairman of the reconstituted Board. Legacy Directors Andrew B. Cohen, Harry D. Madonna, Harris Wildstein and Lisa
Jacobs will all depart the Board.
Advisors
Squire
Patton Boggs (US) LLP and Vinson & Elkins, L.L.P. are serving as legal advisors to the Company, and Keefe, Bruyette & Woods, Inc. and Raymond James & Associates, Inc. are serving as financial advisors. Sullivan &
Cromwell LLP and Ballard Spahr are serving as legal advisors to the Norcross Braca Group.
About Republic Bank
Republic Bank is the operating name for Republic First Bank. Republic First Bank is a full-service, state-chartered commercial bank, whose deposits are insured
up to the applicable limits by the Federal Deposit Insurance Corporation (FDIC). The Bank provides diversified financial products through its 33 offices located in Atlantic, Burlington, Camden, and Gloucester Counties in New Jersey; Bucks, Delaware,
Montgomery and Philadelphia Counties in Pennsylvania and New York County in New York. For more information about Republic Bank, please visit myrepublicbank.com.