On January 21, 2022, J. Abbott R. Cooper, Managing Member of Driver Management Company LLC, was quoted in an article in the Philadelphia Business Journal that amid a proxy battle with Driver Management Company, Republic First Bancorp, Inc. has indefinitely postponed a planned capital raise. Driver Management Company stated that the change in strategy comes 3 months after the Company's board of directors received letters from Abbott Cooper in late October and early November calling for the bank to shelve plans for a capital raise in favor of shrinking the balance sheet. Abbott Cooper said raising capital now at the bank's current valuation to support undisciplined and ill-advised growth' would be a serious mistake and would dilute the value for existing shareholders if and when the bank sells.
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