Republic First Bancorp in Philadelphia is one step closer to getting caught up on its regulatory filings.
The $5.7 billion-asset company said in a press release that Wilmer Cutler Pickering Hale and Dorr, an outside firm, has completed its review of related-party transactions, certain internal controls and “associated financial statement and disclosure implications.”
The results are being evaluated by Republic First’s audit committee, management and an independent registered public accounting firm. As a result, the company is not yet ready to file its financial reports for the first and second quarters.
Republic First has until Sept. 27 to file the reports and regain compliance with the Nasdaq.
The company disclosed in early April that its auditors, as part of a review of its 2021 financial statements, advised management and the chairman of the audit committee that it thought an independent investigation should be conducted. The related-party transactions are the subject of pending litigation against Republic First.
The company recently reappointed Harry Madonna as chairman and CEO, albeit in an interim capacity, following the resignation of Vernon Hill Jr.