| Republic
First Bancorp Dodging NASDAQ Delisting Has
Disparate Record in PA and NJ
By Matthew
Russell Lee, Patreon Maxwell
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SDNY COURTHOUSE,
May 22 – There's been a
bank board of directors fight
and lawsuit in Philadelphia,
and now threatened delisting
from NASDAQ - but otherwise
unreported is the disparate
lending records of the
institution as issue, Republic
Bank, subsidiary of Republic
First Bancorp.
In
Pennsylvania in 2020 it made
613 mortgage loans to whites
and only 14 to African
Americans.
Now
in 2022, the institution brags
it has gotten an extension to
file its delinquent SEC
reports. Where are the
regulators?
In New
Jersey, insurgent George E.
Norcross III's stomping
grounds - literally - Republic
Bank in 2020 made 1662
mortgage loans to whites and
only 67 to African Americans,
the Home Mortgage Disclosure
Act data reseach by Fair
Finance Watch
finds.
Meanwhile in the
court case, reviewed by
SDNY-based Inner City
Press: "this 19th day of
May, 2022, in connection with
Plaintiffs’ Motion for an
Emergency Temporary
Restraining Order and
Preliminary Injunction (Doc.
No. 2), upon agreement of
Plaintiffs Vernon W. Hill,
Brian Tierney, Barry Spevak
(collectively “Plaintiffs”),
Defendants Andrew B. Cohen,
Lisa Jacobs, Harry Madonna,
Harris Wildstein (the “Madonna
Defendants”), and nominal
Defendant Republic First
Bancorp Inc. (“FRBK”), it is
hereby ORDERED that:
1. The
Parties are required to
maintain the status quo as of
Thursday, May 19, 2022 for a
period of 7 days following the
entry of this Order consistent
with the below. 2. Defendants
and Plaintiffs shall manage
the affairs of FRBK and
Republic Bank (the “Bank”) in
the ordinary course during the
period that this Order remains
in effect (the “Status Quo
Period”). Defendants and
Plaintiffs may not cause FRBK
or the Bank (directly or
indirectly) to engage in any
actions outside the ordinary
course of day-to-day
management of FRBK’s or the
Bank’s affairs unless
unanimously consented to in
writing by all members of
FRBK’s Board of Directors (the
“Board”) then in
office.
For the
avoidance of doubt, no new or
supplemental authorizations
will be made with regard to
branch expansion and no
amendments will be made to any
material employee contracts
that are subject to approval
by the Board of FRBK or the
Bank or any Committee thereof
during the Status Quo Period.
3. The Board shall not engage
in “the transaction of
business” (By-Laws, Article
II, Section 15) at any Board
meeting without at least 5
Board members present in
person or telephonically at
any Board meeting during this
Status Quo Period. Further, no
committee of the Board shall
take any action during the
Status Quo Period.
4. This
Order shall remain in full
force and effect for a period
of 7 days following the entry
of this Order. 5. The Court
may modify Paragraph 3 of this
Order at the request of any
party for good cause shown,
following notice to all other
Parties." The order doesn't
mention George Norcross - but
the story does. We'll have
more on
this.
The case is HILL
v. COHEN (E.D. Pa. 2022),
22-cv-01924 (District Judge
Paul Steven Diamond)
***
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