The former parent company of the shuttered Republic First Bank struck a deal with the Federal Deposit Insurance Corp. to keep some bank funds to cover its pursuit of a $9 million insurance claim.
The settlement addresses Republic First Bancorp Inc.'s bid to retain about $250,000 in funds belonging to its former subsidiary to pursue reimbursement from Great American Security Insurance Co., according to a settlement motion filed Tuesday in the US Bankruptcy Court for the Eastern District of Pennsylvania.
The bankrupt company is negotiating with Great American over a coverage claim for legal fees and other costs worth more ...
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