Community banking

Schaller Equity Partners Boosts Stake in Philadelphia's Republic First

By Paul Davis February 18, 2014, 12:06 p.m. EST 1 Min Read

An investment firm in North Carolina has raised its stake in Republic First Bancorp (FRBK) in Philadelphia.

Schaller Equity Partners in Winston-Salem disclosed in a regulatory filing Tuesday that it owns roughly 2.6 million shares, or 9.9%, of the $943 million-asset company's common stock. Schaller's holdings have increased by nearly 11,000 shares since its last filing on Feb. 4.

The filing did not make any demands of Republic First or its management.

Doug Schaller, president of Schaller Equity, was a vocal shareholder activist in 2012 when he successfully built a coalition to oust Leon Moore as the chairman and chief executive of Cardinal Bankshares (CDBK) in Floyd, Va. At the time, Schaller called himself an "accidental acitivst" who was displeased with how Moore was running Cardinal.

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