tl;dr
Republic First Bancorp, based in Philadelphia, was seized by Pennsylvania regulators after a failed funding deal and a decline in deposits and mortgage lending. An auditor had warned of internal control weaknesses. The bank planned to exit the mortgage business and focus on consumer deposits. The se...
Republic First Bancorp, based in Philadelphia, was seized by Pennsylvania regulators after a failed deal to infuse new funds, as the bank experienced a decline in deposits and struggled in its mortgage lending business. An auditor had previously warned the bank of "material weaknesses" in internal controls.
Key facts: Republic First reported a decline in deposits and a substantial decline in the value of its mortgage loan portfolio. The bank planned to exit the mortgage business and focus on consumer deposits. An investment group, Norcross-Braca, backed out of a $35 million deal after Republic First failed to hold a required shareholder meeting. Despite this, the bank claimed to have an adequately capitalized position and a strong deposit base.
Key background: The Pennsylvania Department of Banking and Securities seized Republic First, and Fulton Bank reached an agreement to take over its 32 branches in Pennsylvania, New York, and New Jersey. Before the seizure, Republic First was delisted by Nasdaq and failed to file its fiscal year 2022 report with the SEC.
Surprising fact: Republic First's financial auditor had identified "material weaknesses in internal control over financial reporting." This auditor was dismissed by the bank in February. The seizure is the fourth by federal or state regulators since the start of 2023, following larger collapses of Silicon Valley Bank, Signature Bank, and First Republic Bank.
Tangent: An analyst at Janney Montgomery Scott noted that despite recent bank failures, the banking sector is likely to remain stable, as the previous collapses were of banks with specific specializations, and small banks are in good shape.
More about Fulton Financial Corporation
Fulton Financial Corporation is a financial holding company that provides banking and financial services to businesses and consumers. The company is headquartered in Lancaster, Pennsylvania.
Industry: FINANCE
Sector: NATIONAL COMMERCIAL BANKS
Revenue: $2,531,799,000
Profit Margin: 9.7%
Operating Margin: 0.66%
Return on Assets: 1.61%
Return on Equity: 6.32%
Dividend Rate: 0.268
Market Cap: $1,038,284,000
Stock Price: $16.07
EPS: -$0.077
PE Ratio: 0.043
More about Toronto Dominion Bank
Article Summary Toronto Dominion Bank offers a variety of personal and commercial banking products and services in Canada and the United States. The company is headquartered in Toronto, Canada.
Industry: FINANCE
Sector: COMMERCIAL BANKS, NEC
Market Cap: 105.12 Billion
P/E Ratio: 12.85
EPS: 3.9
ROE: 4.62%
Dividend Yield: 2.82%
Beta: 0.239
Shares Outstanding: 504.03 Million
Current Price: $65.3
Debt to Equity: 0.888
Current Ratio: 0.104
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