Posted on 04/26/2024 5:33:36 PM PDT by CFW
U.S. regulators have seized Republic First Bancorp and agreed to sell it to Fulton Bank, the Federal Deposit Insurance Corp said on Friday, underscoring the challenges facing regional banks a year after the collapse of three peers.
The Philadelphia-based bank, which had abandoned funding talks with a group of investors, was seized by the Pennsylvania Department of Banking and Securities.
The FDIC, appointed as a receiver, said Fulton Bank, a unit of Fulton Financial Corp, will assume substantially all deposits and purchase all the assets of Republic Bank to "protect depositors".
Republic Bank had about $6 billion in total assets and $4 billion in total deposits, as of Jan. 31, 2024. The FDIC estimated the cost of the failure to its fund will be $667 million.
The bank's 32 branches in New Jersey, Pennsylvania and New York will reopen as branches of Fulton Bank on Saturday or on Monday during business hours.
(Excerpt) Read more at finance.yahoo.com ...
Bidenomics continuing to be the curse of the nation.
There was a First Republic bank here in CA. The FDIC sold it to JPMorgan last year. Now it’s Republic First. Maybe the FDIC doesn’t like the the Republic. Or the First.
We really liked First Republic up to a couple decades ago. We were earning up to 9 percent on CDs there, better than other banks in the SF Bay Area. Such a difference from the less than 1 percent a decade ago, before the bounce upwards in interest rates lately. JPMorgan is gobbling up a lot of banks.
They killed the First Republic in Dallas in the late 1980s. You may be on to something.
What about “Fred’s Bank”....
“Hi, I’m Fred. I have a bank. You’ve got $1500? Ahhhh I’ll put it here, in my white suit...White suit, front pocket.”
Looks like the acquiring bank took most of the loans. “Fulton Bank, National Association (N.A.), Lancaster, PA, assumed substantially all deposit accounts and substantially all the assets.”
Greatest economy ever!!
$85,000 trucks are flying off the dealerships lots. They can’t keep them in stock.
I couldn’t afford one
See post 8 above. Oh wait, that’s your post.
I really liked First Republic as a bank. Their staff were always well-trained, knowledgable and helpful. The complimentary cookies and umbrellas were nice too. Their business model was pretty simple: a gentleman’s agreement with wealthy customers that they’d park their savings there in exchange for favorable home loans. Management foolishly parked the bank’s reserves in US Treasuries that had to be marked down when interest rates soared under Dementia Joe.
Anyway, it’s a terrible shame that they failed, and I’m less than thrilled to be moving over to Chase due to the FDIC-engineered merger. I fully expect to walk in there and be greeted by the “manager” who’ll be a 24-year-old who needs to call the “back office” for instructions on how to wipe her ass.
Yes I’m certainly enjoying the greatest economy ever.
Might be a bit of sarcasm there....
Biden’s personal economy is doing great. That is all that matters to him. All that 10% money keeps rolling in.
Yep
Old Joe Biden is enjoying the free assisted living Marine escorts, speech therapists for his teleprompter speeches, and ice cream while getting his diapers changed. Of course he thinks everything is great.
The Rich are doing great under Biden.
The Liberal Elite folks all love Biden. The plan is to stop us from using our ICE vehicles so only 10% of the population will use the EVs. No more traffic. Disney World won't be crowded anymore.
Yes those doing well aren’t too concerned about the rest of us poor slobs (well, me 🤣)
eegator noticed that too
The rich give big bucks to dimrats.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.