Six weeks after scrapping a long-delayed deal, Republic First Bancorp Inc. in Philadelphia is looking to raise more capital.
The $967 million-asset company has filed a registration statement with the Securities and Exchange Commission to raise up to $40 million of common equity.
Republic First said in a press release Monday that the proceeds would be used for general corporate purposes, including improving its retail business.
In March, Metro Bancorp Inc. in Harrisburg, Pa., and Republic First mutually terminated their agreement for Metro to acquire Republic First, after waiting for more than a year for regulatory approval.
Observers said Republic First's souring credit quality contributed to the deal's collapse.
It reported a first-quarter loss of $3.8 million, 6% wider than a year earlier.