On today’s show we are talking about one of our banks being forcibly closed and sold to another bank in Philadelphia in an FDIC auction this past week. The bank is known as Republic Bank and is legally named republic first bank, not be confused with the very similar sounding and much larger bank called First Republic which failed last year.
Republic Bank was a local Philadelphia bank with about 20 branches in Pennsylvania and New Jersey. It relatively new having been founded in 1988. In 2008 the bank switched from being a purely commercial bank to include retail banking.
Our experience with Republic bank was a good one. They wrote construction and permanent loans on several of our buildings in Philadelphia.
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Host: Victor Menasce
email: podcast@victorjm.com