Home>Articles>After Hill ouster, Norcross ends lawsuits against Republic First

George E. Norcross III. (Photo: Brill Public Affairs via Facebook).

After Hill ouster, Norcross ends lawsuits against Republic First

Norcross group had alleged Hill committed ‘unlawful actions’ to keep himself in power

By Joey Fox, May 17 2022 10:09 am

South Jersey Democratic power broker George Norcross and two allies, his brother Philip and former TD Bank U.S. CEO Greg Braca, said today that they are withdrawing their lawsuits against Republic First Bancorp and its now-former chairman, Vernon Hill, now that Hill has been deposed as chairman.

Norcross, who has a long personal and professional history with Hill, launched a bid in January to increase his stature at Philadelphia-based Republic First and unseat Hill, its chairman and CEO. The Norcross-Braca coalition wrote a letter calling results at the bank “so poor as to suggest an immediate reevaluation of strategy,” and insisting that Hill be replaced by Braca.

In the months following the release of the letter, the trio filed two lawsuits: one against Hill and his allies on the board of directors alleging “unlawful actions” to keep Hill entrenched in power, and another compelling the bank to release its books and records.

But with the death of board member Theodore Flocco last week, Norcross-aligned board members were unexpectedly given a 4-3 majority on the board, and they quickly used that power to unseat Hill as chairman and put Republic First founder Harry Madonna in his place – thus obviating the need for the lawsuits. (Hill remains CEO and a member of the board.)

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