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Republic First, which has about $6 billion in assets, operates branches in Pennsylvania, New Jersey and New York. Photo: Breanna Denney/The Wall Street JournalA Philadelphia bank struggling to stay afloat is nearing a deal with an investor group aimed at shoring up its finances, a sign that smaller lenders are still under stress after a wave of failures shook the industry earlier this year. Republic First Bancorp is set to receive a $35 million infusion from a group of existing investors led by George Norcross III, Philip Norcross and Gregory Braca , according to people familiar with the matter. The bank is in talks to raise another $40 million to $65 million from additional investors.

Persons: Breanna Denney, George Norcross III, Philip Norcross, Gregory Braca Organizations: Republic First Bancorp Locations: Pennsylvania , New Jersey, New York, Philadelphia, Republic

Republic First, which has about $6 billion in assets, operates branches in Pennsylvania, New Jersey and New York. Photo: Breanna Denney/The Wall Street JournalA Philadelphia bank struggling to stay afloat agreed to a deal with an investor group aimed at shoring up its finances, a sign that smaller lenders are still under stress after a wave of failures shook the industry earlier this year. Republic First Bancorp is set to receive a $35 million infusion from a group of existing investors led by George Norcross III, Philip Norcross and Gregory Braca , the bank said, confirming an earlier Wall Street Journal report. The bank is in talks to raise another $40 million to $65 million from additional investors.

Persons: Breanna Denney, George Norcross III, Philip Norcross, Gregory Braca Organizations: Republic First Bancorp Locations: Pennsylvania , New Jersey, New York, Philadelphia, Republic

☆ With Interest Rates Up, Get Ready for Financial Drama
▼ + stars: | 2023-10-26 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

Depositors lined up for a fourth day to withdraw money from Old Court Savings and Loan in Baltimore in 1985 amid that decade’s S&L crisis. Photo: Bettmann Archive/Getty ImagesInterest rates have soared. Can financial blowups be far behind? The yield on 10-year Treasury notes topped 5% this week for the first time since 2007. While not high by historical standards, it is a big move from less than 1%, where it was for most of 2020.

Organizations: Old, Savings, Loan Locations: Baltimore

☆ These Companies Are Being Squeezed by Higher Rates
▼ + stars: | 2023-10-15 | by ( Jack Pitcher | Jonathan Weil | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Rising Rates Likely Hit Bank Balance Sheets in Quarter
▼ + stars: | 2023-10-02 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Tether Is Lending Its Stablecoins Again
▼ + stars: | 2023-09-21 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, b11705f2

☆ Tiny Bank Called Republic First Faces Test of Depositors’ Faith
▼ + stars: | 2023-09-08 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Cracks Deepen for America’s Biggest Hospital Landlord: Struggling Tenants, a Bailout on Hold
▼ + stars: | 2023-08-18 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Some Banks Struggle to Report Uninsured Deposits Correctly
▼ + stars: | 2023-08-09 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Bank of America, Huntington National Stand Out for Large Reductions in Uninsured Deposits
▼ + stars: | 2023-07-24 | by ( Jonathan Weil | Shane Shifflett | ) www.wsj.com time to read: 1 min

The Federal Deposit Insurance Corporation is doing what it was designed to do when banks like Silicon Valley and Signature go under: cover insured deposits. Here’s how the FDIC works and why it was created. Photo illustration: Madeline MarshallWhen Silicon Valley Bank ran into financial trouble, its customers ran for the exits because most of their deposits weren’t insured. In the weeks after, dozens of banks tweaked their numbers to reduce the portions of their deposits that they said were uninsured.

Persons: Madeline Marshall Organizations: Federal Deposit Insurance Corporation, Silicon Valley Bank Locations: Silicon

☆ FDIC Scolds Banks for Manipulating Deposit Data
▼ + stars: | 2023-07-24 | by ( Jonathan Weil | Shane Shifflett | ) www.wsj.com time to read: 1 min

Persons: Madeline Marshall Organizations: Federal Deposit Insurance Corporation, Silicon Valley Bank Locations: Silicon

☆ Unions Park Their Cash at This Bank. Will They Stick Around?
▼ + stars: | 2023-07-15 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

Amalgamated Financial calls itself America’s socially responsible bank. Its biggest shareholder is a labor union, and its customers include nonprofits, unions and political campaigns. It classifies about half of its deposits as “super core” because they come from customers who have been with the bank for an average of 17 years.

Organizations: Amalgamated Financial

☆ Rebound in Rates Puts Pressure on Banks
▼ + stars: | 2023-07-05 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Inside the Mormon Church’s Globe-Spanning Real-Estate Empire
▼ + stars: | 2023-06-29 | by ( Jonathan Weil | Photographs Benjamin Zack For The Wall Street Journal | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/mormon-church-temple-spending-spree-utah-e167977f

Persons: Dow Jones Locations: utah

☆ Bank Runs Trash Long-Held Assumption on Deposits
▼ + stars: | 2023-05-22 | by ( Jonathan Weil | Peter Rudegeair | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/bank-runs-trash-long-held-assumption-on-deposits-474afcc5

☆ Declines in Loan Values Are Widespread Among Banks
▼ + stars: | 2023-04-07 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/declines-in-loan-values-are-widespread-among-banks-c3ee622f

☆ As Interest Rates Rose, Banks Did a Balance-Sheet Switcheroo
▼ + stars: | 2023-03-29 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

As the Federal Reserve’s interest-rate hikes sent bond prices plunging last year, some of the country’s largest banks used a simple accounting maneuver to help keep billions of dollars of losses from piling up on their books. They declared that they intended to hold on to large portions of their money-losing bonds until they matured rather than selling them, and they then changed the bonds’ accounting labels accordingly. From then on, the bonds would be frozen in time, no matter how far their values fell in the market.

☆ KPMG Faces Scrutiny for Audits of SVB and Signature Bank
▼ + stars: | 2023-03-13 | by ( Jonathan Weil | Jean Eaglesham | ) www.wsj.com time to read: 1 min

Silicon Valley Bank failed just 14 days after KPMG LLP gave the lender a clean bill of health. Signature Bank went down 11 days after the accounting firm signed off on its audit. What KPMG knew about the two banks’ financial situation and what it missed will likely be the subject of regulatory scrutiny and lawsuits.

☆ KPMG Gave SVB, Signature Bank Clean Bill of Health Weeks Before Collapse
▼ + stars: | 2023-03-13 | by ( Jonathan Weil | Jean Eaglesham | ) www.wsj.com time to read: 1 min

☆ First Republic Hit by Silicon Valley Bank Failure
▼ + stars: | 2023-03-10 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

Investors have expressed concerns about unrealized losses on assets at the First Republic Bank. First Republic Bank came under renewed pressure amid Silicon Valley Bank’s collapse on Friday as investors tried to sort out which other banks might face similar risks. First Republic shares fell 52% in early trading before storming back to near where they closed the previous day, only to then finish the day down 15%. Investors expressed concerns about unrealized losses on assets at the bank as well as its heavy reliance on deposits that could turn out to be flighty.

☆ Bond Losses Push Silicon Valley Bank Parent to Raise Capital
▼ + stars: | 2023-03-09 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

SVB Financial Group ’s shares fell sharply after it said it had sold large portions of its securities portfolio and would raise fresh capital, highlighting a broader problem for U.S. lenders who have seen rising interest rates hammer the values of their bond holdings. SVB, the parent of Silicon Valley Bank, late Wednesday said it would book a $1.8 billion after-tax loss on sales of investments and seek to raise $2.25 billion by selling a mix of common and preferred stock. The bank’s assets and deposits almost doubled in 2021, large amounts of which SVB poured into U.S. Treasurys and other government-sponsored debt securities. Soon after, the Federal Reserve began its rate-hiking campaign.

☆ Banks Lose Billions in Value After Tech Lender SVB Stumbles
▼ + stars: | 2023-03-09 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

Investors dumped shares of SVB Financial Group and a swath of U.S. banks after the tech-focused lender said it lost nearly $2 billion selling assets following a larger-than-expected decline in deposits. The four biggest U.S. banks lost $52 billion in market value Thursday. The KBW Nasdaq Bank Index notched its biggest decline since the pandemic roiled the markets nearly three years ago. Shares of SVB, the parent of Silicon Valley Bank, fell more than 60% after it disclosed the loss and sought to raise $2.25 billion in fresh capital by selling new shares.

☆ New SEC Rules Target Corporate Insider Trading
▼ + stars: | 2023-02-13 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

The SEC’s new disclosure requirements will start on April 1 for most U.S.-listed companies. For the last two decades, officers and directors at U.S. public companies seeking to trade illicitly on inside information had an almost infallible get-out-of-jail-free card. All they had to do was use prearranged trading plans when they bought and sold their companies’ shares. The odds the government would target them for enforcement actions were slim. It was an unintended consequence of a 2002 regulation called Rule 10b5-1 that academic research shows was abused by some executives.

☆ Mormon Church’s Investment Arm Under Investigation by SEC
▼ + stars: | 2023-02-11 | by ( Dave Michaels | Jonathan Weil | ) www.wsj.com time to read: 1 min

The Securities and Exchange Commission is investigating the Mormon Church’s past efforts to keep its giant investment portfolio a secret, a practice that ended after a former employee revealed in 2019 that the church had amassed $100 billion of holdings. The SEC’s investigation has focused on whether the Church of Jesus Christ of Latter-day Saints, also known as LDS, complied with disclosure requirements for large money managers. It is at an advanced stage and is likely to lead to a settlement in the coming months, people familiar with the matter said.

☆ Elon Musk Sold Tesla Shares Before Company Acknowledged Weakness
▼ + stars: | 2023-01-20 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

Late last year, after a wave of news reports pointing to sagging demand for his company’s vehicles, Tesla Inc. Chief Executive Elon Musk sold almost $3.6 billion of his shares in the electric-car maker. On Jan. 2, Tesla announced fourth-quarter vehicle deliveries that were significantly below the company’s most recent forecast to investors. The news sent Tesla’s stock price plunging when markets opened the next day.

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