Republic First Bancorp will receive a $35 million infusion after agreeing to a deal with a group of existing investors aimed at bolstering its finances, write Gina Heeb, Lauren Thomas, and Jonathan Weil for The Wall Street Journal.

The investor group is led by George Norcross III, Philip Norcross, and Gregory Braca.

The Philadelphia lender is currently in talks to raise an additional $40 to $65 million from other investors.

Republic First operates branches under the name Republic Bank in Pennsylvania, New Jersey, and New York. It first announced its planned capital raise in late September.

Republic First has around $6 billion in assets and it shares several problems that doomed the significantly larger First Republic in May, including high paper losses on bonds that have dropped in value as rates have increased, large amounts of uninsured deposits, and an unsuccessful bid to raise capital.

While it will plug just a portion of its capital hole, this latest transfusion should strengthen the bank’s balance sheet and put it on a more solid footing that will allow for further investment in the business.

Read more about Republic First Bancorp’s decision to receive a $35 million infusion after agreeing to a deal with an investor group aimed at bolstering its finances in The Wall Street Journal.

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