FDIC takes over Republic First Bank, sells to rival
In a notable event on April 27, 2024, Republic First Bank faced the first bank failure of the year. The FDIC seized the bank, which operated in Pennsylvania, New Jersey, and New York, and subsequently sold it to Fulton Bank, based in Lancaster, Pennsylvania, causing a deposit insurance fund loss of $667 million. On April 27, 2024, Republic First Bank experienced the first bank failure of the year. The FDIC took control of the bank operating in Pennsylvania, New Jersey, and New York, selling it to Fulton Bank in Lancaster, Pennsylvania, leading to a $667 million loss in the deposit insurance fund.
By Jack Davis April 27, 2024 at 12:26pm
The first bank failure of 2024 has taken place.
Republic First Bank, which operated in Pennsylvania, New Jersey and New York, was seized Friday by the Federal Deposit Insurance Corp., according to The Associated Press.
The Philadelphia-based bank, which did business as Republic Bank, was sold to competitor Fulton Bank, based in Lancaster, Pennsylvania.
Republic Bank’s 32 branches were scheduled to open Saturday as Fulton Bank branches.
The deposit insurance fund will be out $667 million due to the bank’s failure.
First US BANK Failure this year as they say! pic.twitter.com/jFYi0iFy7f
— Telugu Crypto Daily (@TeluguCryptoD) April 27, 2024
The most recent bank failure came in November when Citizens Bank of Sac City, Iowa, went under.
“Depositors of Republic Bank will become depositors of Fulton Bank, so customers do not need to change their banking relationship in order to retain their deposit insurance coverage,” the FDIC said, according to CBS.
Will bank closures continue?
“Customers of Republic Bank should continue to use their existing branches until they receive notice from Fulton Bank that it has completed systems changes that will allow its branch offices to process their accounts as well.”
First major bank failure of 2024: Philly’s Republic First with $4 billion in deposits.
With rate hikes coming back into view, we could see a lot more. https://t.co/bBnHLxvw6R
— Peter St Onge, Ph.D. (@profstonge) April 27, 2024
According to The Wall Street Journal, Fulton Bank has approximately $28 billion in assets and about 200 branches in Pennsylvania, Delaware, Maryland, New Jersey and Virginia.
Republic Bank had long been on shaky ground, with a stock value Friday of about a penny.
Republic was delisted by Nasdaq in August.
The bank was not on the scale of three major failures from 2023: Silicon Valley Bank, Signature Bank, and the similarly named First Republic, the Journal reported. Those banks had assets valued between $100 billion and $200 billion.
The Journal report said regional banks are on “shaky ground.”
Another Bank Failure.#Bidenomics @POTUS
🤫🫣🙄 https://t.co/gPpFGnI5ka pic.twitter.com/RFNfFvoEJX— Jim DaBink (@JimDaBink) April 27, 2024
“Two years of higher rates have forced them to pay more interest on deposits, which has increasingly eaten into profits,” the Journal noted.
Required technology upgrades will be a major cost item at a time when many regional banks have loans on commercial buildings that are in trouble, the Journal reported.
The New York Post noted that Republic Bank had been struggling for more than a year, and that cutting jobs and quitting the mortgage business were tried in an attempt to bolster the bank’s bottom line.
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