Republic First Bank Officially Collapses, Seized By Regulators
Republic First Financial institution has formally collapsed and has been seized by regulators. The FDIC introduced Friday that the Financial institution was closed by Pennsylvania state regulators. The collapse of RFB is the primary US Financial institution failure this yr.
“Philadelphia-based Republic First Financial institution (doing enterprise as Republic Financial institution) was closed at the moment by the Pennsylvania Division of Banking and Securities, which appointed the Federal Deposit Insurance coverage Company (FDIC) as receiver. To guard depositors, the FDIC entered into an settlement with Fulton Financial institution, Nationwide Affiliation of Lancaster, Pennsylvania to imagine considerably the entire deposits and buy considerably the entire property of Republic Financial institution,” the FDIC stated in an announcement.
As well as, the assertion continues by explaining the way forward for the 32 present Republic First Financial institution areas. Their branches in New Jersey, Pennsylvania, and New York will reopen as branches of Fulton Financial institution on Saturday and Monday. Reopening dates depend upon particular person department hours.
For present financial institution members, depositors can entry their cash by writing checks or utilizing ATM or debit playing cards. The financial institution will proceed to course of any checks drawn. Additionally, mortgage clients ought to proceed to make their funds as ordinary, in keeping with the FDIC.
As of January 31, 2024, Republic First Financial institution had roughly $6 billion in complete property and $4 billion in complete deposits, the FDIC says. The financial institution was the primary to fail in america since Residents Financial institution in Sac Metropolis, Iowa, final November.