On January 31, 2022, George E. Norcross announced that he has delivered a letter to Republic First Bancorp, Inc.'s Board. In the letter, George E. Norcross stated that he would like the opportunity to consult with the Board towards the development of the best approaches for the Board to deliver on its underlying value to shareholders as soon as possible. George E. Norcross expressed his view that Gregory Braca would be an outstanding candidate to be hired as CEO of the Company, of course, subject to the Company and Gregory Braca agreeing on terms for his appointment.

George E. Norcross added that this letter is not a nomination or notice of such a nomination under the Company's by-laws. George E. Norcross added that he wishes to be given the opportunity to work with the Board as he reexamines elements of the Company's business strategy. George E. Norcross added that some of the initiatives he believe the Board should consider include the following: (1) expanding the Company's commercial business throughout the metropolitan New York and Philadelphia areas, (2) increasing the Company's investment in its digital and financial technology capabilities, (3) identifying steps that could be taken to rein in expenses (currently running well above industry norms) to drive positive operating leverage, while not adversely affecting service to the Company's customers and communities or its culture as an organization, (4) ensuring that future deposit growth is accretive to earnings, and (5) making sure the Company has in place the talent and resources needed to drive the Board's strategy.