Republic First Bancorp Inc. sold $59 million worth of commercial real estate loans to a single investor for net proceeds of $30.6 million, the Philadelphia parent company of Republic Bank said.
The loans and foreclosed properties had already been written down to $45.1 million.
The sale will result in a $14.5 million loss in the quarter ending this month.
Republic, which said the sale substantially cleaned up its balance sheet, had $952.8 million in assets and $833.3 million in deposits on Sept. 30. The bank has 13 branches. - Harold Brubaker