Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official. 
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
Https
The site is secure. 
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Bank Failures

Bid Summary for Republic First Bank dba Republic Bank, Philadelphia, PA

Republic First Bank dba Republic Bank, Philadelphia, PA

Closing Date: April 26, 2024

Purchase and Assumption Agreement (P&A) Bids

Failed Bank Information for Republic First Bank dba Republic Bank, Philadelphia, PA

BidderWinning and Cover BidType of TransactionDeposits PassingDeposit PremiumAsset Discount $(000)Option 1 No Shared-LossOption 2 Commercial Shared-Loss Tranch 1/2Option 3 Single Family and Commercial Shared-Loss Tranch 1/2Equity Appreciation Offer (Y/N)Conforming Bid
Fulton Bank, National Association, Lancaster, PAWinning BidWhole Bank P&AAll Deposits0.00%($374,000)No Shared-LossN/AN/ANNo-1
OtherN/AWhole Bank P&AAll Deposits0.00%($895,000)No Shared-LossN/AN/ANYes
OtherN/AWhole Bank P&AAll Deposits0.00%($706,000)N/AN/A80%/80%YNo-2
OtherN/AWhole Bank P&AAll Deposits0.00%($647,000)N/AN/A80%/80%YNo-3
OtherN/AWhole Bank P&AAll Deposits0.00%($921,565)N/A50%/80%N/AYNo-4

Optional Loan Pool Bids

BidderWinning and Cover BidType of TransactionPool 1
(% of BV)
Pool 2
(% of BV)
Pool 3
(% of BV)
Pool 4
(% of BV)
Pool 5
(% of BV)
Pool 6
(% of BV)
Purchase Money Note (Y/N)Conforming Bid
OtherN/ALoan Pool Sale65.00%65.00%65.00%65.00%65.00%65.00%YYes
OtherN/ALoan Pool SaleN/A55.00%55.00%55.00%N/AN/ANYes
OtherN/ALoan Pool Sale72.00%72.00%72.00%72.00%72.00%72.00%YYes
OtherN/ALoan Pool Sale83.32%64.76%82.56%83.07%84.24%88.45%YYes
OtherN/ALoan Pool Sale65.016%65.016%65.016%65.016%65.016%65.016%YYes

Conforming Bid Notes:

1 - Bid excludes any deposits or assets associated with digital asset (crypto).
2 - Bid includes contingencies and excludes any deposits or assets associated with digital asset (crypto).
3 - Bid excludes any deposits or assets associated with digital asset (crypto). 
4 - Bid includes contingencies.
 

Other Bidder Names & Locations:

Bank OZK, Little Rock, AR
BankUnited, N.A., Miami Lakes, FL
Flushing Bank, Uniondale, NY
Fortress Credit Advisors LLC, New York, NY
LSREF Pen Super Holdings, L.P. (Lone Star Funds), Dallas, TX
LVP Investments, LLC (Sixth Street), San Francisco, CA
Reverence Capital Partners Opportunities Fund V-C2 (PE Fund III), L.P., New York, NY
 

Notes:

  • Bidders can submit multiple bids.
  • The winning bidder’s acquisition of the deposits was the least costly resolution compared to a liquidation alternative. The liquidation alternative was valued using valuation models to estimate the market value of the assets.
  • There is no cover bid.
  • There is no linkage between bidder names and bids, except in the case of the winning and cover bids.
  • There may be more bids than bidders because one or more bidders submitted more than one bid.
  • For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy.

Back to top

Last Updated: May 3, 2024