Another one!
Regulators seized Philadelphia-based Republic First Bancorp on Friday.
“Republic First operated branches in Pennsylvania, New Jersey and New York under the name Republic Bank. It had around $6 billion in total assets at the end of 2023.” – The Wall Street Journal reported.
This is the fourth bank failure since last March on Joe Biden’s watch.
The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver by Pennsylvania state regulators and immediately entered into an agreement with Fulton Bank to assume assets and deposits of Republic First Bancorp.
“Philadelphia-based Republic Bank was closed late today by Pennsylvania bank regulators, which appointed the FDIC as receiver. To protect depositors, we entered into an agreement with Fulton Bank to assume substantially all deposits and assets of Republic,” the FDIC said in a statement on Friday.
“Republic Bank’s 32 branches in New Jersey, Pennsylvania and New York will reopen as branches of Fulton Bank on Saturday (for branches with normal Saturday hours) or on Monday during normal business hours. This evening and over the weekend, depositors of Republic Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on Republic Bank will continue to be processed and loan customers should continue to make their payments as usual,” the FDIC said.
“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. 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,” the FDIC said.
Philadelphia-based Republic Bank was closed late today by Pennsylvania bank regulators, which appointed the FDIC as receiver. To protect depositors, we entered into an agreement with Fulton Bank to assume substantially all deposits and assets of Republic.https://t.co/Fzusk2L74Q pic.twitter.com/b91USjtr4Z
— FDIC (@FDICgov) April 26, 2024
Last month trading of Long Island lender New York Community Bancorp halted on the New York Stock Exchange after its shares tumbled more than 40%.
The regional bank announced a $1 billion capital raise later that day.
Last March Moody’s Investors Service cut its outlook for the entire US banking sector to negative and put six banks on ‘downgrade’ watch.
Silicon Valley Bank, First Republic Bank and Signature Bank failed last year after depositors withdrew billions of dollars from the lending institutions.
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