BREAKING: ANOTHER BANK FAILURE: Regulators Seize First Bancorp From Philadelphia-based Republic | The Gateway expert

Another!

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. At the end of 2023, it had total assets of approximately $6 billion.” -The Wall Street Journal reported.

This is the fourth bank failure under Joe Biden’s leadership since last March.

The Federal Deposit Insurance Corporation (FDIC) was appointed receiver by Pennsylvania state regulators and immediately entered into an agreement with Fulton Bank to acquire assets and deposits of Republic First Bancorp.

“Philadelphia-based Republic Bank was closed late today by Pennsylvania banking regulators, who appointed the FDIC as receiver. To protect depositors, we have entered into an agreement with Fulton Bank to acquire substantially all of Republic’s deposits and assets,” the FDIC said in a news release. rack on Friday.

“Republic Bank’s 32 branches in New Jersey, Pennsylvania and New York will reopen as Fulton Bank branches on Saturday (for branches with regular Saturday hours) or on Monday during normal business hours. Tonight and this weekend, Republic Bank depositors can access their money by writing checks or using ATMs or debit cards. Checks drawn on Republic Bank will continue to be processed and credit customers should continue to make payments as usual,” the FDIC said.

“Republic Bank depositors become Fulton Bank depositors, so customers do not have to change their banking relationship to maintain their deposit insurance coverage. Republic Bank customers should continue to use their existing branches until they receive notification from Fulton Bank that it has made system changes that will allow its branches to also process their accounts,” the FDIC said.

Philadelphia-based Republic Bank was closed late today by Pennsylvania bank regulators, who appointed the FDIC as receiver. To protect depositors, we entered into an agreement with Fulton Bank to acquire substantially all of Republic’s deposits and assets.https://t.co/Fzusk2L74Q pic.twitter.com/b91USjtr4Z

— FDIC (@FDICgov) April 26, 2024

Last month, Long Island lender New York Community Bancorp was halted from trading on the New York Stock Exchange after its shares fell more than 40%.

The regional bank announced a $1 billion capital increase later that day.

Last March, Moody’s Investors Service lowered its outlook for the entire US banking sector to negative and placed six banks on downgrade watch.

Silicon Valley Bank, First Republic Bank and Signature Bank went bankrupt last year after depositors withdrew billions of dollars from the credit unions.