8-K
filed April 29, 2024, 7:59 PM ET
CIK 0000834285
regulatory
confidence high
sentiment negative
materiality 1.00
REPUBLIC FIRST BANCORP INC: going-concern / distress — Republic First Bank closed by regulators, FDIC appointed receiver; all directors resign
REPUBLIC FIRST BANCORP INC
- On April 26, 2024, Republic First Bank closed by Pennsylvania Dept. of Banking; FDIC appointed receiver.
- Bank is no longer a subsidiary of Republic First Bancorp, Inc.
- Directors Andrew B. Cohen, Lisa R. Jacobs, Harry D. Madonna, and Harris Wildstein resigned effective April 26.
- Board amended bylaws to reduce minimum size from 5 to 3 directors; board set at 3.
Key facts
Extracted from this filing and checked against the source text.
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
REPUBLIC FIRST BANCORP INC entered receivership (petition 2024-04-26).
- Proceeding
- receivership
- Petition
- 2024-04-26
Exact text from the filing
On April 26, 2024, Republic First Bank, d/b/a Republic Bank (the “Bank”) was closed by the Pennsylvania Department of Banking and Securities, and the Federal Deposit Insurance Corporation was appointed as receiver.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Harry D. Madonna resigned as Director at REPUBLIC FIRST BANCORP INC.
- Action
- resigned
- Role
- Director
Exact text from the filing
On April 26, 2024, each of Andrew B. Cohen, Lisa R. Jacobs, Harry D. Madonna and Harris Wildstein resigned as a director of the Company, which resignations have become effective.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Lisa R. Jacobs resigned as Director at REPUBLIC FIRST BANCORP INC.
- Action
- resigned
- Role
- Director
Exact text from the filing
On April 26, 2024, each of Andrew B. Cohen, Lisa R. Jacobs, Harry D. Madonna and Harris Wildstein resigned as a director of the Company, which resignations have become effective.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Harris Wildstein resigned as Director at REPUBLIC FIRST BANCORP INC.
- Action
- resigned
- Role
- Director
Exact text from the filing
On April 26, 2024, each of Andrew B. Cohen, Lisa R. Jacobs, Harry D. Madonna and Harris Wildstein resigned as a director of the Company, which resignations have become effective.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Andrew B. Cohen resigned as Director at REPUBLIC FIRST BANCORP INC.
- Action
- resigned
- Role
- Director
Exact text from the filing
On April 26, 2024, each of Andrew B. Cohen, Lisa R. Jacobs, Harry D. Madonna and Harris Wildstein resigned as a director of the Company, which resignations have become effective.
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
REPUBLIC FIRST BANCORP INC: Reduced minimum board size from 5 to 3 directors (effective 2024-04-26).
- Change
- bylaw amendment
- Effective
- 2024-04-26
Exact text from the filing
On April 26, 2024, the Company’s Board of Directors (the “Board”) amended the Company’s Amended and Restated By-Laws to reduce the minimum size of the Board from five (5) directors to three (3) directors.
View on SEC.gov
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