A group headed by Democratic powerbroker George E. Norcross III to take control of the Philadelphia-based Republic First Bancorp has added former First Lady Mary Pat Christie to their slate of candidates for seats on the company’s board of directors.
Christie, whose husband is seeking the Republican nomination for president, will run with Gregory Braca and Daniel Hilferty. Despite coming from different political parties Norcross and Chris Christie were close political allies during his two terms as governor of New Jersey.
Companies related to Norcross are among those who benefited from over $500 million in tax breaks awarded by the New Jersey Economic Development Authority while Christie was in office.
Stock prices in Republic First have plummeted over the last year, dropping from $3.70 per share to .76 cents per share.
Braca, the former president and CEO of TD Bank in the U.S., has partnered with Norcross and his brother, Philip Norcross, to wrestle control of Republic First from Vernon Hill. Hill and Norcross were onetime allies – Hill founded Commerce Bank, which spawned the insurance company Norcross now runs – but their relationship has soured.
Christie’s candidacy follows a decision by a Pennsylvania judge to reopen the filing deadline for 2022 board elections. The current bank leadership unsuccessfully sought to reduce the number of director seats as a way of blocking Norcross.
The election is set for October 5.
“In the coming weeks, we will continue to aggressively make the case to every Republic First shareholder why change is needed, why Dan, Mary Pat, and I are the best candidates to effectuate that change, and the specific reforms we will pursue if elected,” Braca stated. “With an annual meeting finally set and the nominations of a highly qualified slate of board nominees, our campaign to fix Republic First is just beginning.”
The former First Lady worked in finance before joining Christie 55 Solutions, the consulting firm founded by her husband. Hilferty is the chairman and CEO of Comcast Spectator and a governor of the Philadelphia Flyers.