(Bloomberg) -- The Federal Deposit Insurance Corp. is in talks with potential acquirers for Republic First Bancorp Inc., according to people with knowledge of the matter.

The regulator is seeking bids for the Philadelphia regional bank, said the people, who asked not to be identified  describing a private process. It’s a repeat of an effort late last year that was paused after Republic First struck a deal with an investor group that included George E. Norcross III, Gregory B. Braca and Philip A. Norcross.

That deal — which would have seen the investor group invest $35 million in the beleaguered bank — was terminated in late February. That furthered the company’s stock decline, and the bank has traded at a market value of less than $1 million for much of April, down from a peak above $500 million in 2017. 

A representative for Republic First declined to comment, while an FDIC spokesperson didn’t have an immediate comment. 

The bank, led by CEO Tom Geisel, operates 32 locations in Philadelphia, New Jersey and New York City.

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