Philadelphia Lender Nears Rescue Deal After Stock Plummeted

A Philadelphia bank struggling to stay afloat is nearing a deal with an investor group aimed at shoring up its finances, a sign that smaller lenders are still under stress after a wave of failures shook the industry earlier this year.

Republic First Bancorp is set to receive a $35 million infusion from a group of existing investors led by George Norcross III, Philip Norcross and Gregory Braca, according to people familiar with the matter. The bank is in talks to raise another $40 million to $65 million from additional investors.