Dear Customer,
Today The Wall Street Journal published an irresponsible, reckless and highly misleading article entitled “Tiny Bank Called Republic First Faces Test of Depositors’ Faith”. This article is full of faulty assumptions, conflates numerous data points and leaves out critical context – all in an attempt to smear Republic. The Journal reporter has clearly tried to use Republic to support his preconceived notions about the banking industry, resulting in a story that is more opinion than news.
Numerous facts categorically disprove the reporter’s portrayal of the Bank and we are putting the Journal on legal notice to ensure they do not allow this kind of shoddy journalism in the future.
Considering this misinformation, it’s important you understand the following:
- Our uninsured deposits amount to 19.7% of total deposits – much lower than the 60% cited in the Journal article, which includes deposits from public funds and others that are secured through means other than the FDIC.
- Through our products and services, Republic’s customers have the ability to ensure that ALL of their deposits are FDIC-insured. They can take advantage of our Insured Liquidity Sweep Program, which is an FDIC-insured treasury management solution for amounts over $250,000.
- We have enough liquidity to cover all uninsured deposits, full stop – which the Journal completely ignores.
As we have always been, we're here for our loyal customers’ banking needs. Please do not hesitate to reach out to us at customerservicepa@myrepublicbank.com with any questions.
Sincerely,
Thomas X. Geisel
President & CEO Republic First Bancorp, Inc.