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Category: Company News

Philadelphia Bank Seized

Smallish Philadelphia bank Republic First was seized by the FDIC late Friday–the banks 32 branches will reopen as Fulton Bank on Saturday. Republic First has assets of about $6 billion.

The cost of the failure to the FDIC will be around $670 million–in my opinion this will NOT cause a major special assessment to banks in future quarters.

It is my understanding that the bank had a very high level of uninsured deposits, which is always dangerous–my suspicion is that deposits were ‘fleeing’ at a pretty fast rate. The bank also held a large unrealized capital loss on their bond portfolio

Here is the FDIC announcement.

Mega REIT Realty Income to List Preferred Stock

Giant net lease REIT Realty Income (O) has registered new preferred shares which have come about because of their acquisition of Spirit Realty.

Spirit had a 6% perpetual preferred issue outstanding which Realty Income has essentially replaced with a new Realty Income issue. Most of the data on the issue can be found here is the merger document.

The shares have been approved for listing on the NYSE. The ticker will be O-.

Thanks to Justin for noting this one.

B Riley Presents Today

Financial Firm B Riley (RILY) is doing an investor presentation today–not sure of the time–could have happened already.

Common shares tumbled 10%ish yesterday and are off another buck today at $21.81.

As everyone knows RILY has a gaggle of baby bonds outstanding as well as a preferred issue which have traded weakly in the last month. Inquiring minds want to know what is going on—except they hold a portfolio of pure junk.

Here is some of the skinny on the presentation.

BDCs Forecast to Have a Tough 2024?

Thanks to 2whiteroses for catching this blurb.

Here is a link to a short blurb put out a couple weeks ago by the Fitch ratings agency–I had not seen this and thought it might be of interest to others.

Note that the full article requires a subscription (of course it does), but maybe folks can find it elsewhere on the web.

Of course we all have opinions–but the more opinion the better.