Phoenix, Arizona (PRWEB) June 12, 2014
Notice of Annual Meeting of Shareholders
RepublicBankAz, N.A. will host the Eighth Annual Meeting of Shareholders on June 10, 2014, 6:00 pm at the offices located at 909 E. Missouri Ave. Phoenix, Arizona. Proxy material was mailed on May 19, 2014 to shareholders of record as of April 30, 2014. The only matters to be approved are the election or reelection of members of the Board of Directors.
New President and Chief Executive Officer Named
The Board of Directors is pleased to announce that Ralph Tapscott has assumed the position of President and Chief Executive Officer, effective May 29, 2014. Mr. Tapscott has been serving in this position on an interim basis since March 25, 2014. Chairman of the Board Chad Cline commented “We are extremely delighted to have Ralph join the existing leadership team within the bank and look forward to his assistance in shaping and executing our strategic objectives.”
RepublicBankAz Restates December 31, 2013 Financial Statement
The December 31, 2013 Report of Condition and Income (“Call Report”) (FFIEC 041) was amended and now reflects a net loss for the twelve months then ended of $391,897. The primary reason for the restatement is the establishment of reserves, recorded as other contingent liabilities, to support the potential risk exposure identified in the off balance sheet portion of the sold Small Business Administration (“SBA”) loan portfolio. “As a result of various recent loan audits, including a specialized SBA portfolio audit, management deemed it prudent to establish the associated reserve and amend the previously filed Call Report to more accurately reflect operations.”, commented Ralph Tapscott.
RepublicBankAz Restates March 31, 2014 Financial Statement
The March 31, 2014 Report of Condition and Income (“Call Report”) (FFIEC 041) was amended as a result of the above referenced filing.
As a result of these amendments, Total Assets of $89,130,910 and $90,781.515 are reported as of December 31, 2013 and March 31, 2014 respectively. Net income for the year ended December 31, 2013 totaled ($391,897) and for the quarter ended March 31, 2014, totaled $185,525.
“The results of the first quarter are encouraging. We have purposely slowed loan growth, purchased bonds, and are realigning the funding side of our balance sheet, yet still produced net earnings that support a period ROAA of 0.82%.” commented Ralph Tapscott.