Republic First Bancorp in Philadelphia is looking to address confusion over its name and that of First Republic Bank, which has been under stress since the failures of two other regional banks.
Thomas Geisel, the $5.6 billion-asset Republic First’s president and CEO, posted a letter on the company’s website in an effort to draw a distinction between the similarly named banks.
“Amid everything going on, Republic Bank would like to make very clear: we are Republic Bank. … We are NOT First Republic Bank,” Geisel wrote.
Geisel noted that Republic First does not lend to startups and has no ties to cryptocurrency.
“We lend primarily to established businesses. We lend against collateral and cash flow, we lend to profitable companies that can service the debt, and we typically have personal guarantees,” he added. “Our portfolio is not overly concentrated in any one specific class or industry.”
Geisel also pointed to the company’s recent $125 million equity capital raise as a sign of its financial strength.
Republic First’s shares have fallen by more than 30% in March, with some industry sources pointed to the confusion with First Republic in San Francisco.