It appears that the honeymoon is over.

The Norcross Braca Group announced Feb. 28 it is terminating its Purchase Agreement with Republic First Bank.

If you’ve read these pages over the last several years, you are familiar with the long-running saga at Republic First Bank (see the timeline below for a refresher). The background includes a heated proxy fight between an activist investor group – led by South Jersey powerbroker and businessman George Norcross III – and the bank’s leadership and board.

As NJBIZ has reported, that proxy fight reached a bit of a détente when the two long-feuding sides reached a deal last fall. Under the agreement, the Norcross Braca Group would invest $35 million as part of a capital raise in exchange for board seats, a reconstitution of the board, and more. Since that September announcement, the two sides were, seemingly, aligned as they worked through the particulars, issuing a few joint press releases and updates.

Late last month, NJBIZ reported the deal was on track for completion by the end of this month ahead of a Feb. 29 deadline.

In its Wednesday afternoon announcement, the Norcross Braca Group cited the failure of Republic First to take actions and satisfy required closing conditions, such as filing its 2022 10-K and scheduling the required shareholder meeting.

Strategic planning

The Norcross side noted in its press release that the deadline was previously extended from Nov. 30, 2023, to Feb. 29, 2024. That new date was announced in November to allow more time to tie up loose ends.

“We have made significant progress on what has been a complicated transaction, which is why we fully funded our $35 million investment into an escrow account – we will be able to move forward quickly when all requirements have been met and closing conditions have been satisfied,” Norcross said Nov. 30.

The Norcross Braca Group offered no further comment on Wednesday’s announcement to terminate the deal.

Republic First told NJBIZ in a statement that its strategic plan is designed to be executed even without the investment announced last fall.

“We have continued to maintain the bank’s adequately capitalized position, and believe we have a strong deposit base and ample liquidity. We also believe we have the resources to allow our talented employees to continue to deliver extraordinary service to our loyal customers,” the statement continued. “As previously disclosed, we engaged Wolf & Co. for 2022, 2023, and 2024 to support us in getting current with our annual and periodic financial reporting obligations and believe this is key for us and investors in considering opportunities for growth capital in the future.”

This story is developing; NJBIZ will continue to report on the latest as we learn it.