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Philadelphia-Based Republic First Bank Collapses In First Bank Failure Of 2024

 The troubled Philadelphia-based Republic First Bank has imploded, with federal regulators seizing it and arranging for it to be taken over by fellow regional lender Fulton Financial, in the first bank failure of 2024.

To protect people with savings at Republic Bank, the FDIC entered into an agreement with Fulton Financial to assume the deposits and assets of the failed bank.

"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 in a statement.

People with savings at Republic Bank don't need to change their banking relationship to continue to have their money covered by the FDIC's deposit insurance guarantee.

Republic's collapse was the first bank failure of 2024; the previous collapse was Citizens Bank, in Sac City, Iowa, on Nov. 3, 2023.

It's also the fourth high-profile bank failure since spring 2023, when a series of bank failures set off a months-long crisis.

By comparison, the Philadelphia-based Republic First Bank had just $6 billion in assets, making its failure less worrisome for regulators. 

https://www.theepochtimes.com/business/philadelphia-based-republic-first-bank-collapses-in-first-bank-failure-of-2024-post-5638892?utm_source=rtnewsnoe&src_src=rtnewsnoe&utm_campaign=rtbreaking-2024-04-28-3&src_cmp=rtbreaking-2024-04-28-3&utm_medium=email&utm_content=access0&est=AAAAAAAAAAAAAAAAcuMmYBYAzMPd%2Fr0dnnxYA7t1hUABKr5Bl9VUeB4NNszEONEPtbQ%3D

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