Republic First Bank Seized By Regulators-First Bank Collapse Of 2024

Troubled Philadelphia-based regional bank Republic First Bancorp was seized by Pennsylvania regulators Friday, marking the first regional banking failure this year following a series of high-profile collapses in 2023-though the bank is far smaller than those that collapsed last year and its nearly three dozen branches are set to reopen under a new name. Republic First’s seizure makes it the fourth in just over a year to be seized by state and federal regulators, following the abrupt failure of Silicon Valley Bank last March, sparking fears about the stability of regional banks amid a series of bank runs depleting multiple banks’ assets. Just two days after SVB’s failure, New York-based Signature Bank, a leader in crypto lending, also shuttered, with New York regulators seizing the 23-year-old regional bank, along with its $110 billion in assets and $88 billion in deposits. San Francisco’s First Republic Bank became the next bank to fail last May, when federal regulators oversaw the offload of its assets to banking giant JPMorgan Chase. Sources told Bloomberg this week the FDIC was seeking bids for the Republic First, a move that comes less than six months after the agency suspended an auction for Republic First just one week after it reached a $35 million deal with the Norcross-Braca Group in a last-ditch effort to stave off a potential seizure and raise capital from investors. Norcross-Braca backed out of that deal last month.$250,000. That’s the amount of individual customer deposits the FDIC guarantees it will protect, meaning that customers can expect up to a quarter million dollars to be safe even if their bank collapses.
All data is taken from the source: forbes.com
Article Link: www.forbes.com/sites/brianbus...
#newsbbc #bbcworldnewstoday #bbcnewsworld #newsworld #newstodayfox #newsworldfox #