off-the-wire

Republic First Bancorp to go slow on fundraise, says it has 'adequate' capital

Kitco Media
By Reuters
Published:
Updated:
Reuters

May 15 (Reuters) - Republic First Bancorp (FRBK.O) said on Monday it had "adequate" capital and would wait for market conditions to stabilize before rounding out the $125-million fundraise it had announced in March.

The lender is seeking more "acceptable" terms for the capital raise and also looking for more participants after securing the backing of alternative asset management firm Castle Creek Capital and investment firm Cohen Private Ventures.

Shares of Republic First were up 9% at $1.09 as of 11:39 am EST (15:39 GMT).

"Protecting Republic's valued shareholders from excessive and unnecessary dilution is very important to us," Chief Executive Officer Thomas Geisel said in a statement.

The bank had earlier this month said it was cutting jobs in its commercial lending unit with an aim to exit its mortgage origination business as it sharpens focus on its core products.

Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur
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