Regulators Close Philadelphia-Based Republic First Bank, First US Bank Failure This Year
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Regulators have closed Republic First Bank, a regional lender operating in Pennsylvania, New Jersey, and New York. The Federal Deposit Insurance Corp. seized the Philadelphia-based bank, which had roughly $6 billion in assets and $4 billion in deposits as of January 31. Fulton Bank, based in Lancaster, Pennsylvania, will assume the failed bank's deposits and assets. Republic Bank's 32 branches will reopen as branches of Fulton Bank. The bank's failure is expected to cost the deposit insurance fund $667 million. This is the first FDIC-insured institution to fail in the US this year. The last bank failure was in November. Rising interest rates and falling commercial real estate values have increased financial risks for regional and community banks. Last month, an investor group including Steven Mnuchin agreed to pump over $1 billion to rescue New York Community Bancorp.
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https://www.freepressjournal.in/business/regulators-close-philadelphia-based-republic-first-bank-first-us-bank-failure-this-year
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