The Strategist

First bank goes bankrupt in the US since the beginning of the year

04/30/2024 - 05:09

Republic First Bank, which has locations in Pennsylvania, New Jersey, and New York, has been taken over by US authorities after its bankruptcy.

The Associated Press cited the Federal Deposit Insurance Corporation, which declared that, as of the end of January, the bank had $4 billion in deposits and roughly $6 billion in assets.

Fulton Bank has consented to take over the majority of the deposits and purchase almost all of the assets of the bank that failed. Beginning on Saturday, April 27, Republic Bank's thirty-two branches will operate as Fulton Bank locations. The deposit insurance fund is anticipated to lose $667 million as a result of the bank's bankruptcy.

Republic First Bank's bankruptcy was the first of its kind since the start of the year. The latest American bank failure occurred in November 2023, when Citizens Bank declared bankruptcy. According to the Associated Press, there are typically four or five bank closures year in a robust economy.


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