Sec Form 13D Filing - NORCROSS GEORGE E III filing for REPUBLIC FIRST BANCORP INC (FRBKQ) - 2022-02-25

Insider filing report for Changes in Beneficial Ownership

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  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Schedule 13D/A

(Rule 13d-101)

Information to be Included in Statements Filed

Pursuant to § 240.13d-1(a) and Amendments Thereto Filed Pursuant to § 240.13d-2(a)

Under the Securities Exchange Act of 1934

(Amendment No. 6)*

 

 

Republic First Bancorp, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

760416107

(CUSIP Number)

George E. Norcross, III

350 Royal Palm Way, Suite 500

Palm Beach, Florida 33480

(561) 500-4600

With a Copy to:

H. Rodgin Cohen

Mitchell S. Eitel

Sullivan & Cromwell LLP

125 Broad Street

New York, NY 10004

212-558-4000

(Name, address and telephone number of person authorized to receive notices and communications)

February 25, 2022

(Date of Event which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box  ☐.

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

*

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No. 760416107    SCHEDULE 13D/A    Page 2 of 10

 

  1    

  Names of Reporting Persons

 

  George E. Norcross, III

  2  

  Check the Appropriate Box If a Member of a Group (See Instructions)

  a.  ☒        b.  ☐

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions)

 

  PF

  5  

  Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  ☐

  6  

  Citizenship or Place of Organization

 

  United States of America

Number of

Shares

 Beneficially 

Owned By

Each

Reporting

Person

With

 

     7    

  Sole Voting Power

 

  674,572< /p>

     8  

  Shared Voting Power

 

  0

     9  

  Sole Dispositive Power

 

  674,572

   10  

  Shared Dispositive Power

 

  0

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  674,572(1)

12  

  Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13  

  Percent of Class Represented By Amount in Row (11)

 

  1.1%(2)

14  

  Type of Reporting Person (See Instructions)

 

  IN

 

(1)

The Reporting Person is reporting on this Schedule 13D as a member of a “group” with the other Reporting Persons. The group beneficially owns 5,706,583 shares of Common Stock owned by all of the Reporting Persons in the aggregate, representing approximately 9.6% of the outstanding shares of Common Stock. See Item 5.

(2)

For purposes of calculating beneficial ownership percentages in this statement on Schedule 13D, the total number of shares of Common Stock outstanding as of November 5, 2021 is 59,454,998, as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, filed with the SEC on November 8, 2021.


CUSIP No. 760416107    SCHEDULE 13D/A    Page 3 of 10

 

  1    

  Names of Reporting Persons

 

  Avery Conner Capital Trust

  2  

  Check the Appropriate Box If a Member of a Group (See Instructions)

  a.  ☒        b.  ☐

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions)

 

  AF, WC

  5  

  Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  ☐

  6  

  Citizenship or Place of Organization

 

  Florida

Number of

Shares

 Beneficially 

Owned By

Each

Reporting

Person

With

 

     7    

  Sole Voting Power

 

  0

     8  

  Shared Voting Power

 

  4,219,627(3)

     9  

  Sole Dispositive Power

 

  0

   10  

  Shared Dispositive Power

 

  4,219,627(3)

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  4,219,627(1)

12  

  Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13  

  Percent of Class Represented By Amount in Row (11)

 

  7.1%(2)

14  

  Type of Reporting Person (See Instructions)

 

  OO

 

(3)

4,219,627 shares of Common Stock held by the Avery Conner Capital Trust, of which Philip A. Norcross, Susan D. Hudson, Geoffrey B. Hudson and Rose M. Guida serve as Trustees and may be deemed to have shared beneficial ownership as Trustees.


CUSIP No. 760416107    SCHEDULE 13D/A    Page 4 of 10

 

  1    

  Names of Reporting Persons

 

  Philip A. Norcross

  2  

  Check the Appropriate Box If a Member of a Group (See Instructions)

  a.  ☒        b.  ☐

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions)

 

  PF, OO See Item 3

  5  

  Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  ☐

  6  

  Citizenship or Place of Organization

 

  United States of America

Number of

Shares

 Beneficially 

Owned By

Each

Reporting

Person

With

 

     7    

  Sole Voting Power

 

  400,000

     8  

  Shared Voting Power

 

  4,219,627(3)

     9  

  Sole Dispositive Power

 

  400,000

   10  

  Shared Di spositive Power

 

  4,219,627(3)

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  4,619,627(1), (3)

12  

  Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13  

  Percent of Class Represented By Amount in Row (11)

 

  7.8%(2)

14  

  Type of Reporting Person (See Instructions)

 

  IN


CUSIP No. 760416107    SCHEDULE 13D/A    Page 5 of 10

 

  1    

  Names of Reporting Persons

 

  Susan D. Hudson, in her capacity as a Trustee

  2  

  Check the Appropriate Box If a Member of a Group (See Instructions)

  a.  ☒        b.  ☐

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions)

 

  OO See Item 3

  5  

  Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  ☐

  6  

  Citizenship or Place of Organization

 

  United States of America

Number of

Shares

 Beneficially 

Owned By

Each

Reporting

Person

With

 

     7    

  Sole Voting Power

 

  0

     8  

  Shared Voting Power

 

  4,219,627(3)

     9  

  Sole Dispositive Power

 

  0

   10  

  Shared Dispositive Power

 

  4,219,627(3)

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  4,219,627(1), (3)

12  

  Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13  

  Percent of Class Represented By Amount in Row (11)

 

  7.1%(2)

14  

  Type of Reporting Person (See Instructions)

 

  IN


CUSIP No. 760416107    SCHEDULE 13D/A    Page 6 of 10

 

  1    

  Names of Reporting Persons

 

  Geoffrey B. Hudson, in his capacity as a Trustee

  2  

  Check the Appropriate Box If a Member of a Group (See Instructions)

  a.  ☒        b.  ☐

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions)

 

  OO See Item 3

  5  

  Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  ☐

  6  

  Citizenship or Place of Organization

 

  United States of America

Number of

Shares

 Beneficially 

Owned By

Each

Reporting

Person

With

 

     7    

  Sole Voting Power

 

  0

     8  

  Shared Voting Power

 

  4,219,627(3)

     9  

  Sole Dispositive Power

 

  0

   10  

  Shared Dispositive Power

 

  4,219,627(3)

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  4,219,627(1), (3)

12  

  Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13  

  Percent of Class Represented By Amount in Row (11)

 

  7.1%(2)

14  

  Type of Reporting Person (See Instructions)

 

  IN


CUSIP No. 760416107    SCHEDULE 13D/A    Page 7 of 10

 

  1    

  Names of Reporting Persons

 

  Rose M. Guida, in her capacity as a Trustee

  2  

  Check the Appropriate Box If a Member of a Group (See Instructions)

  a.  ☒        b.  ☐

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions)

 

  OO See Item 3

  5  

  Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  ☐

  6  

  Citizenship or Place of Organization

 

  United States of America

Number of

Shares

 Beneficially 

Owned By

Each

Reporting

Person

With

 

     7    

  Sole Voting Power

 

  0

     8  

  Shared Voting Power

 

  4,219,627(3)

     9  

  Sole Dispositive Power

 

  0

   10  

  Shared Dispositive Power

 

  4,219,627(3)

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  4,219,627(1), (3)

12  

  Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13  

  Percent of Class Represented By Amount in Row (11)

 

  7.1%(2)

14  

  Type of Reporting Person (See Instructions)

 

  IN


CUSIP No. 760416107    SCHEDULE 13D/A    Page 8 of 10

 

 

  1    

  Names of Reporting Persons

 

  Gregory B. Braca

  2  

  Check the Appropriate Box If a Member of a Group (See Instructions)

  a.  ☒        b.  ☐

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions)

 

  PF

  5  

  Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  ☐

  6  

  Citizenship or Place of Organization

 

  United States of America

Number of

Shares

 Beneficially 

Owned By

Each

Reporting

Person

With

 

     7    

  Sole Voting Power

 

  412,384

     8  

  Shared Voting Power

 

  0

     9  

  Sole Dispositive Power

 

  412,384

   10  

  Shared Dispositive Power

 

  0

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  412,384(1)

12  

  Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13  

  Percent of Class Represented By Amount in Row (11)

 

  0.7%(2)

14  

  Type of Reporting Person (See Instructions)

 

  IN


CUSIP No. 760416107    SCHEDULE 13D/A    Page 9 of 10

 

This Amendment No. 6 (“Amendment No. 6”) amends the statement on Schedule 13D filed with the Securities and Exchange Commission on January 31, 2022, as amended prior to the date of this Amendment No. 6 (the “Original Schedule 13D”) as specifically set forth herein (as so amended, the “Schedule 13D”). Except as provided herein, each Item of the Original Schedule 13D remains unchanged.

 

Item 4.

Purpose of the Transaction.

Item 4 of the Original Schedule 13D is hereby amended to add the following immediately prior to the last paragraph of this item:

On February 25, 2022, the Group delivered a letter to the Board (the “February 25 Letter”), the text of which is set forth below:

Dear Directors:

We greatly appreciated hearing that Keefe, Bruyette & Woods, Inc. reached out to our financial advisor, Raymond James & Associates, Inc., for a preliminary discussion regarding our potential options for a substantial long-term investment in Republic First Bancorp, Inc.’s (“Republic First”) stock. We hope these discussions will continue and that they will ultimately help us arrive at a mutually beneficial plan that would benefit Republic First, its shareholders and its other constituencies.

As you are aware based on our last Schedule 13D amendment filed on February 17, 2022, we currently own approximately 9.6% of Republic First common stock. Further to the preliminary discussion between our financial advisors, we write to request that the Board consider and grant us approval under Article XII of Republic First’s Articles of Incorporation so that we would have the ability, subject to compliance with legal requirements, to exceed 10% ownership while retaining all rights of the stock without the imposition of restrictions. We reserve our rights to challenge the validity of any and all provisions restricting such ownership, or the Board’s actions or inactions in respect thereof.

In addition, we have determined to prepare and, at the appropriate time, file applications with bank regulatory authorities as necessary to increase our ownership levels.

We look forward to receiving a prompt response from the Board, and we and our advisors are available to discuss with the Board and its advisors at the earliest opportunity.

Very truly yours,

George E. Norcross, III

Gregory Braca

Philip A. Norcross

The Reporting Persons cannot predict the Issuer’s response to the February 25 Letter.


CUSIP No. 760416107    SCHEDULE 13D/A    Page 10 of 10

 

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date: February 25, 2022

 

George E. Norcross, III
By:  

/s/ George E. Norcross, III

Avery Conner Capital Trust
By:  

/s/ Philip A. Norcross

Name:   Philip A. Norcross
Title:   Trustee
Philip A. Norcross
By:  

/s/ Philip A. Norcross

Susan D. Hudson

By:

 

/s/ Susan D. Hudson

Geoffrey B. Hudson
By:  

/s/ Geoffrey B. Hudson

Rose M. Guida
By:  

/s/ Rose M. Guida

Gregory B. Braca
By:  

/s/ Gregory B. Braca