Republic First Is ‘NOT’ First Republic, But Try Telling Traders That
- Mistaken identity trades added to Republic First’s plunge
- Meta and Zoom name mixups sparked similar trading frenzies
Source: Business Wire
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A case of mistaken identity is sparking a selloff in Republic First Bancorp Inc., which had fallen by more than 40% this month because investors have it confused with embattled First Republic Bank.
“We are NOT First Republic Bank,” Republic First Chief Executive Officer Thomas Geisel wrote in a letter on the company’s website. “It’s important to fully understand there are significant differences between these banks, other ‘Start-up’ or ‘Crypto-focused’ banks versus Republic Bank and the thousands of other community banks.”