Republic First Bancorp in Philadelphia reported a $9.7 million first-quarter loss that reflected elevated legal expenses and an investment in the failed Signature Bank. The $6.2 billion-asset company said in a press release that it had a $3.1 million writedown tied preferred stock in Signature and $5.5 million of legal, professional and audit fees. The company lost $398,000 in the fourth quarter and earned $5.4 million a year earlier. “We

First Republic Bank in San Francisco, Calif., was closed by the California Department of Financial Protection and Innovation. The Federal Deposit Insurance Corp., as receiver, entered into an agreement to sell all of the $229 billion-asset bank’s deposits to the $3.7 trillion-asset JPMorgan Chase Bank. The $30 billion of uninsured deposits that 11 banks placed at First Republic will be repaid post-close or eliminated in consolidation. First Republic replaced Silicon

Another bank is feeling the sting of Signature Bank’s failure. BayFirst Financial in St. Petersburg, Fla., disclosed that a scheduled sale of $60 million of Small Business Administration 7(a) loans to Signature fell through, leaving it to rebid to another investor “during less-favorable market conditions.” The $1.1 billion-asset company said the development resulted in gains from selling government-backed loans falling by $1.4 million in the first quarter from a quarter

Coastal Financial in Everett, Wash., said deposits increased largely because of its ongoing Banking-as-a-Service push. The $3.5 billion-asset company said in a press release that deposits rose by 9.9% in the first quarter from a quarter earlier, to $3.1 billion. Coastal said its CCBX business, which provides BaaS services, added $284.5 million of deposits in the quarter and now accounts for more than half of its total deposits. The community

Isabella Bank in Mt. Pleasant, Mich., has implemented its succession plan. The $2 billion-asset company said in a press release that Jerome Schwind will become its president and CEO in January. Schwind, the bank’s president since 2015, will succeed Jae Evans, who is retiring. Neil McDonnell, the company’s chief financial officer, will replace Schwind as bank president. Evans, who has been CEO since January 2014, will remain on the board.

The Federal Deposit Insurance Corp. used its post mortem of the failure of Signature Bank to reflect on things it could have done better. The agency said in a press release that the root cause for the New York bank’s collapse was poor management that resulted in the pursuit of rapid, unrestrained growth. “Management did not prioritize good corporate governance practices, did not always heed FDIC examiner concerns, and was

The Federal Reserve’s initial report on the failure of Silicon Valley Bank does not indicate that a full-blown banking crisis is underway. Rather, the review, led by Vice Chairman for Supervision Michael Barr, resulted in a mea culpa on the part of the Fed while also placing blame on SVB’s board and management. Specifically, the report faulted directors and executives for failing to manage the bank’s risks. At the time

Cross River Bank has entered into a consent order with the Federal Deposit Insurance Corp. that requires the Teaneck, N.J., bank to seek FDIC approval before signing on any new fintech clients.   The FDIC’s March 8 order flagged the $9.2 billion-asset bank’s compliance with fair lending regulations and its inability to establish adequate internal controls. Cross State did not admit or deny the claims in the order.   The