Regulators Close Philadelphia-Based Republic First Bank, First US Bank Failure This Year

• US regulators seize, sell Philadelphia-based bank; first US bank failure of this year
  by https://www.businesstoday.in/
  US regulators have seized Republic First Bancorp and agreed to sell it to Fulton Bank, the Federal Deposit Insurance Corp (FDIC) said on April 26, according to a Reuters report. The development underscores the challenges facing regional banks a year after the collapse of three peers.
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  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”, the Reuters report said.
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  Republic Bank had about $6 billion in total assets and $4 billion in total deposits, as of January 31, 2024. The FDIC estimated the cost of the failure to its fund would 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 Monday during business hours.
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