Shareholders, staff, and solvent banks are losers in the collapse of Philadelphia's largest remaining bank after years of boardroom coups and activist investor challenges.
Shareholders, staff, and solvent banks are losers in the collapse of Philadelphia's largest remaining bank after years of boardroom coups and activist investor challenges.
The Norcross group — George; his brother Philip; George’s children; and banker Gregory Braca— together lost stock formerly worth $35 million as share values collapsed in advance of the takeover. Fulton has agreed to keep paying Republic’s workforce, which totaled 430 people as of Dec. 31, for 90 days. Fulton officials weren’t prepared to say how many people would keep their jobs or find positions at Fulton.
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