Christie to join Republic Bank; who else is joining troubled bank's board?
PHILADELPHIA - A former New Jersey First Lady and a retired federal judge are expected to become directors at the parent firm of troubled Republic Bank.
Mary Pat Christie and John Michael Vazquez will fill independent seats being created with the resolution of a fight over control of Republic First Bancorp Inc., according to a filing with the Securities and Exchange Commission.
The seats will open with a $35 million investment from a stockholder group led by George Norcross III, a South Jersey businessman and Democratic power broker.
The Norcross group fought Republic's management for about 18 months, demanding changes it says will boost the firm's profits and share prices.
Fewer jobs, shorter bank hours Republic Bank makes cutbacks in bid to revive profits
The two sides last month announced an agreement that will bring a cash infusion to Republic First and sweeping changes to its First's board.
What changes are expected at Republic Bank?
The $35 million investment would be followed by a push to raise $75 million to $100 million for the Philadelphia-based bank. The money's intended to strengthen Republic's balance sheet and improve its regulatory capital, the filing says.
An initial announcement said two seats would go to independent directors, but did not name the newcomers.
The Norcross group previously had proposed Christie as a board candidate in a proxy fight expected to come to a vote at Republic's next annual meeting. It is dropping that fight as part of the agreement.
The group has escribed Christie as "a respected leader in the high yield and distressed capital markets industry."
She is a partner in the Hampshire Christie Qualified Opportunity Fund, which invests in opportunity zone projects along the Northeast corridor, and Christie 55 Solutions, a consulting firm.
She also is the wife of former Gov. Chris Christie.
Vazquez joined a Roseland, Essex County, law firm, Chiesa Shahinian & Giantomasi PC, in September, after serving as a federal judge in the New Jersey district since 2016.
Before being nominated for the bench by President Barack Obama, Vazquez worked in private practice and at the U.S. Attorney’s Office for New Jersey and the state Attorney General’s Office.
The SEC filing also said two members of the shareholder group, Philip Norcross and Gregory Braca, will serve as non-voting observers on Republic's board until the agreement closes.
At that time, Philip Norcross, a Mount Laurel attorney and a brother of George Norcross, will become the board's chairman. Braca, a former TD Bank president and CEO, also will get a seat on the seven-member board.
Four incumbent directors, including former chairman Andrew Cohen and founder Harry Madonna, will leave the board.
The Norcross group previously had named a second board candidate for its proxy fight, Philadelphia businessman Daniel Hilferty.
His name was not mentioned in the SEC filing.
Republic has 33 offices in the South Jersey-Philadelphia area and in New York City.
The company in May reported a first-quarter loss of $9.7 million, an amount greater than its earnings for all of 2022.
Its stock price closed Friday, Nov. 3, at 20 cents per share.
Jim Walsh is a senior reporter for the Courier-Post, Burlington County Times and The Daily Journal. Email: Jwalsh@cpsj.com.
This article originally appeared on Cherry Hill Courier-Post: Board changes coming as Republic, Norcross group move past their fight
