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 ...
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The Democrats are the party of billionaires.
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