{"id":2231618,"date":"2024-04-27T15:50:02","date_gmt":"2024-04-27T19:50:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fdic-seizes-republic-first-bank-sells-it-to-competitor\/"},"modified":"2024-04-27T15:52:00","modified_gmt":"2024-04-27T19:52:00","slug":"fdic-seizes-republic-first-bank-sells-it-to-competitor","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fdic-seizes-republic-first-bank-sells-it-to-competitor\/","title":{"rendered":"FDIC takes over Republic First Bank, sells to rival"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffdic-seizes-republic-first-bank-sells-it-to-competitor%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2231618&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>In a notable event on April 27, \u20642024, \u2064Republic \u2062First Bank faced the first bank failure of the\u2064 year. The FDIC seized the\u200c bank, which operated in Pennsylvania, New \u200bJersey, \u2064and New York,\u2064 and subsequently sold \u2062it to Fulton Bank, based in Lancaster, Pennsylvania, causing a \u200bdeposit\u200c insurance fund loss of $667 million. On\u2064 April 27, 2024, \u2063Republic First\u200c Bank experienced \u2064the first bank\u200b failure of the year. The FDIC took control of the \u200dbank operating in Pennsylvania,\u2063 New \u2062Jersey, and New York, selling it to Fulton Bank in Lancaster, Pennsylvania, leading\u2062 to\u200c a $667 million loss\u200b in the\u200d <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/government-steps-in-with-plan-to-protect-all-deposits-at-silicon-valley-bank\/\" title=\"Government Steps In With Plan to Protect All Deposits at Silicon Valley Bank\">deposit insurance fund<\/a>.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<header> <a href=\"https:\/\/www.westernjournal.com\/news\/\">  News <\/a>   <span> <\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/russdavis\/\">  <\/a> <\/p>\n<p> <span>   By <a href=\"https:\/\/www.westernjournal.com\/author\/russdavis\/%20\"><span>Jack Davis<\/span><\/a> <\/span> <span>   April 27, 2024 at 12:26pm <\/span> <\/span>  <\/header>\n<section>\n<p>The first bank failure of 2024 has taken place.<\/p>\n<p>Republic First Bank, which operated in Pennsylvania, New Jersey and New York, was seized Friday by the Federal Deposit Insurance Corp., according to <a href=\"https:\/\/apnews.com\/article\/republic-first-bank-closure-fdic-ac3caeb6eb7a77b12b01c02d5a289750\" target=\"_blank\" rel=\"noopener\">The Associated Press<\/a>.<\/p>\n<p>The Philadelphia-based bank, which did business as Republic Bank, was sold to competitor Fulton Bank, based in Lancaster, Pennsylvania.<\/p>\n<p>Republic Bank\u2019s 32 branches were scheduled to open Saturday as Fulton Bank branches.<\/p>\n<p>The <a href=\"https:\/\/www.westernjournal.com\/op-ed-bank-failures-capitol-hill-blame-game-nothing-help-small-businesses-consumers\/\" target=\"_blank\" rel=\"noopener\">deposit insurance fund<\/a> will be out $667 million due to the bank\u2019s failure.<\/p>\n<blockquote>\n<p dir=\"ltr\" lang=\"en\">First US BANK Failure this year as they say! <a href=\"https:\/\/t.co\/jFYi0iFy7f\">pic.twitter.com\/jFYi0iFy7f<\/a><\/p>\n<p>\u2014 Telugu Crypto Daily (@TeluguCryptoD) <a href=\"https:\/\/twitter.com\/TeluguCryptoD\/status\/1784126018095133155?\">April 27, 2024<\/a><\/p>\n<\/blockquote>\n<p>The most recent <a href=\"https:\/\/www.westernjournal.com\/bidens-deputies-threaten-banks-investigations-loans-arent-given-illegals-2\/\" target=\"_blank\" rel=\"noopener\">bank failure<\/a> came in November when Citizens Bank of Sac City, Iowa, went under.<\/p>\n<p>\u201cDepositors of Republic Bank will become depositors of Fulton Bank, so customers do not need to change their banking relationship in order to retain their <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-insists-financial-system-is-safe-following-failures-of-svb-signature-bank\/\" title=\"Biden Insists Financial System Is \u2018Safe\u2019 Following Failures of SVB, Signature Bank\">deposit insurance coverage<\/a>,\u201d the FDIC said, according to <a href=\"https:\/\/www.cbsnews.com\/philadelphia\/news\/republic-bank-failure-fulton-bank-pa-nj-ny-fdic\/\" target=\"_blank\" rel=\"noopener\">CBS<\/a>.<\/p>\n<div id=\"firefly-poll-container\">\n<p>Will bank closures continue?<\/p>\n<\/p><\/div>\n<p>\u201cCustomers 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.\u201d<\/p>\n<blockquote>\n<p dir=\"ltr\" lang=\"en\">First <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-dallas-federal-reserve-head-u-s-regional-banking-crisis-more-serious-than-we-understand\/\" title=\"Former Dallas Federal Reserve Head: U.S. Regional Banking Crisis More Serious Than We Understand\">major bank failure<\/a> of 2024: Philly\u2019s Republic First with $4 billion in deposits.<\/p>\n<p>With rate hikes coming back into view, we could see a lot more. <a href=\"https:\/\/t.co\/bBnHLxvw6R\">https:\/\/t.co\/bBnHLxvw6R<\/a><\/p>\n<p>\u2014 Peter St Onge, Ph.D. (@profstonge) <a href=\"https:\/\/twitter.com\/profstonge\/status\/1784229293196722231?\">April 27, 2024<\/a><\/p>\n<\/blockquote>\n<p>According to <a href=\"https:\/\/www.wsj.com\/finance\/banking\/regulators-set-to-seize-troubled-philadelphia-bank-republic-first-f138401c\" target=\"_blank\" rel=\"noopener\">The Wall Street Journal<\/a>, Fulton Bank has approximately $28 billion in assets and about 200 branches in\u00a0 Pennsylvania, Delaware, Maryland, New Jersey and Virginia.<\/p>\n<p>Republic Bank had long been on <a href=\"https:\/\/www.westernjournal.com\/second-largest-bank-failure-us-history-underway-regulators-seize-strike-multibillion-dollar-deal\/\" target=\"_blank\" rel=\"noopener\">shaky ground<\/a>, with a stock value Friday of about a penny.<\/p>\n<p>Republic was delisted by Nasdaq in August.<\/p>\n<p>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.<\/p>\n<p>The Journal report said regional banks are on \u201cshaky ground.\u201d<\/p>\n<blockquote>\n<p dir=\"ltr\" lang=\"en\">Another Bank Failure.<a href=\"https:\/\/twitter.com\/hashtag\/Bidenomics?src=hash&#038;ref_src=twsrc%5Etfw\">#Bidenomics<\/a> <a href=\"https:\/\/twitter.com\/POTUS?\">@POTUS<\/a><br \/>  \ud83e\udd2b\ud83e\udee3\ud83d\ude44 <a href=\"https:\/\/t.co\/gPpFGnI5ka\">https:\/\/t.co\/gPpFGnI5ka<\/a> <a href=\"https:\/\/t.co\/RFNfFvoEJX\">pic.twitter.com\/RFNfFvoEJX<\/a><\/p>\n<p>\u2014 Jim DaBink (@JimDaBink) <a href=\"https:\/\/twitter.com\/JimDaBink\/status\/1784253807913750957?\">April 27, 2024<\/a><\/p>\n<\/blockquote>\n<p>\u201cTwo years of higher rates have forced them to pay more interest on deposits, which has increasingly eaten into profits,\u201d the Journal noted.<\/p>\n<p>Required <a href=\"https:\/\/www.westernjournal.com\/spotted-chinese-bomber-looks-just-like-piece-american-tech-lost-china\/\" target=\"_blank\" rel=\"noopener\">technology<\/a> 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.<\/p>\n<p>The <a href=\"https:\/\/nypost.com\/2024\/04\/26\/business\/philly-lender-republic-first-bancorp-seized-by-feds-in-latest-regional-bank-collapse\/\" target=\"_blank\" rel=\"noopener\">New York Post<\/a> 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\u2019s bottom line.<\/p>\n<p>______________________________________________<\/p>\n<div>\n<p><b data-stringify-type=\"bold\"><i data-stringify-type=\"italic\">A Note from Our Deputy Managing Editor:<\/i><\/b><\/p>\n<p><i data-stringify-type=\"italic\">\u201cWe don\u2019t even know if an election will be held in 2024.\u201d Those 12 words have been stuck in my head since I first read them.<\/i><\/p>\n<p><i data-stringify-type=\"italic\">Former Lt. Gen. Michael Flynn recently made that comment to Floyd Brown, founder of The Western Journal.<\/i><\/p>\n<p><i data-stringify-type=\"italic\">And if the leftists and the elites get their way, that\u2019s exactly what will happen \u2014 no real election, no real choice for the Electoral College, and no real say for the American people.<\/i><\/p>\n<p><i data-stringify-type=\"italic\">The Western Journal is fighting to keep that from happening, but we can\u2019t do it alone.<\/i><\/p>\n<p><i data-stringify-type=\"italic\">We work tirelessly to expose the lying leftist media and the corrupt America-hating elites.<\/i><\/p>\n<p><i data-stringify-type=\"italic\">But Big Tech\u2019s stranglehold is now so tight that <\/i><i data-stringify-type=\"italic\"><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\" target=\"_blank\" rel=\"noopener noreferrer\" data-stringify-link=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\" data-sk=\"tooltip_parent\">without help<\/a><\/i><i data-stringify-type=\"italic\"> from you, we will not be able to continue the fight.<\/i><\/p>\n<p><i data-stringify-type=\"italic\">The 2024 election is literally the most important election for every living American. We have to unite and fight for our country, otherwise we will lose it. And if we lose the America we love in 2024, we\u2019ll lose it for good. Can we <\/i><i data-stringify-type=\"italic\"><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\" target=\"_blank\" rel=\"noopener noreferrer\" data-stringify-link=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\" data-sk=\"tooltip_parent\">count on you<\/a><\/i><i data-stringify-type=\"italic\"> to help?<\/i><\/p>\n<p><i data-stringify-type=\"italic\">With you we will be able to field journalists, do more investigative work, expose more corruption, and get desperately needed truth to millions of Americans.<\/i><\/p>\n<p><i data-stringify-type=\"italic\">We can do this only with your help. Please don\u2019t wait one minute.<\/i><i data-stringify-type=\"italic\"><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\" target=\"_blank\" rel=\"noopener noreferrer\" data-stringify-link=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\" data-sk=\"tooltip_parent\"> Donate right now<\/a><\/i><i data-stringify-type=\"italic\">.<\/i><\/p>\n<p><i data-stringify-type=\"italic\">Thank you for reading,<\/i><br \/> <i data-stringify-type=\"italic\">Josh Manning<\/i><br \/> <i data-stringify-type=\"italic\">Deputy Managing Editor<\/i><\/p>\n<p><i data-stringify-type=\"italic\">P.S. Please <\/i><i data-stringify-type=\"italic\"><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\" target=\"_blank\" rel=\"noopener noreferrer\" data-stringify-link=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\" data-sk=\"tooltip_parent\">stand with us<\/a><\/i><i data-stringify-type=\"italic\"> today.<\/i><\/p>\n<\/p><\/div>\n<div id=\"author-info-44685\">\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/russdavis\/\">  <\/a> <\/p>\n<div>\n<p><label for=\"summary-tab-radio-44685\">Summary<\/label><label for=\"more-info-tab-radio-44685\">More<span> Biographical Information<\/span><\/label><label for=\"posts-tab-radio-44685\">Recent<span> Posts<\/span><\/label><label for=\"contact-tab-radio-44685\" onclick=\"if( typeof grecaptcha=='undefined' ) { let cap_s=document.createElement( 'script' ); cap_s.src='https:\/\/www.google.com\/recaptcha\/api.js?render=6LeJFcsUAAAAAPsIEqvB1EebWbZfqRUe6ebMpGy7'; document.body.appendChild( cap_s ); }\">Contact<\/label><\/p>\n<div>\n<p>Jack Davis is a freelance writer who joined The Western Journal in July 2015 and chronicled the campaign that saw President Donald Trump elected. Since then, he has written extensively for The Western Journal on the Trump administration as well as foreign policy and military issues.<\/p>\n<\/p><\/div>\n<div>\n<p>  Jack Davis is a freelance writer who joined The Western Journal in July 2015 and chronicled the campaign that saw President Donald Trump elected. Since then, he has written extensively for The Western Journal on the Trump administration as well as foreign policy and military issues. <br \/> Jack can be reached at jackwritings1@gmail.com. <\/p>\n<p>  Location <\/p>\n<p>  New York City <\/p>\n<p>  Languages Spoken <\/p>\n<p>  English <\/p>\n<p>  Topics of Expertise <\/p>\n<p>  Politics, Foreign Policy, Military &#038; Defense Issues <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a significant development on April 27, 2024, the first bank failure of the year occurred with the seizure of Republic First Bank by the FDIC. The Pennsylvania, New Jersey, and New York-based bank, known as Republic Bank, was subsequently sold, as reported by The Associated Press<\/p>\n","protected":false},"author":661,"featured_media":2231619,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/04\/Untitled-design-2024-04-27T150221.790.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-2231618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/04\/Untitled-design-2024-04-27T150221.790.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2231618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/661"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2231618"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2231618\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2231619"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2231618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2231618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2231618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}