BREAKING: ANOTHER BANK FAILURE: Regulators Seize Philadelphia-Based Republic First Bancorp
Another one!
Regulators seized Philadelphia-based Republic First Bancorp on Friday.
“Republic First operated branches in Pennsylvania, New Jersey and New York under the name Republic Bank. It had around $6 billion in total assets at the end of 2023.” – The Wall Street Journal reported.
This is the fourth bank failure since last March on Joe Biden’s watch.
The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver by Pennsylvania state regulators and immediately entered into an agreement with Fulton Bank to assume assets and deposits of Republic First Bancorp.
“Philadelphia-based Republic Bank was closed late today by Pennsylvania bank regulators, which appointed the FDIC as receiver. To protect depositors,
