We thought that the soap opera of Republic First Bank ended with its failure and purchase by Fulton Bank, but luckily for us it has just been renewed for a second season! The FDIC is now investigating Republic First Bancorp board members around the failure of the bank, which cost the FDIC insurance fund as estimated $667 million. In turn, Republic First is suing Great American Insurance for $9.38 million over an alleged coverage denial. The bank is claiming that unpaid legal bills contributed to its failure. This episode reviews two articles from The Business Journals (subscription required) titled “FDIC investigating board members of failed Republic First Bancorp, shareholder lawyers allege in filing” and “Republic First alleges insurer’s ‘bad faith denial’ contributed to its collapse.”
