Important message from Thomas X. Geisel, President & CEO

As you may be aware, two financial institutions were closed by federal regulators over the weekend. Amid everything going on, Republic Bank would like to make very clear: we are Republic Bank, Inc. (FRBK-Red/Blue Logo); we are NOT First Republic Bank (FRC-Green Logo).

It's important to fully understand there are significant differences between these banks, other "Start-up" or "Crypto-focused" banks versus Republic Bank and the thousands of other community banks. Start-up focused banks realized massive growth over an extended period in a low-rate environment. They built-up a concentration in start-ups and early-stage technology companies. These types of companies usually don't have tangible assets to leverage and don't make money; they survive by continuously raising capital from venture firms off escalating valuations, and everything changes when their valuations drop. Including, utilizing cash on hand and deposits to survive. This can create a liquidity crisis.

Republic Bank is very different; we DO NOT lend to start-ups and are not involved in Crypto. 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. Our portfolio is not overly concentrated in any one specific class or industry.

The Company’s risk profile continues to be prudently managed in order to ensure a safe and secure environment including ample liquidity. In fact, on Friday we announced a $125mm equity capital raise process to support the execution of our strategic plan. We understand what drives the market and pride ourselves on being prudent, available, and transparent.

If you have any questions, visit us in-store, or call us 888.875.2265.

Yours sincerely,
Thomas X. Geisel
President & CEO