First bank failure of 2024 in the US
The US Federal Deposit Insurance Corporation (FDIC) announced that the Philadelphia-based Republic First Bank has been closed and sold to Fulton Bank.
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In a statement released by the US Federal Deposit Insurance Corporation (FDIC), it was reported that Republic First Bank, which had been placed under receivership, was closed by the Pennsylvania Department of Banking and Securities.
The statement noted that in order to protect depositors, the FDIC reached an agreement with Fulton Bank for the purchase of nearly all deposits and substantially all of the assets of Republic First Bank.
It was stated that the 32 branches of Republic First Bank in New Jersey, Pennsylvania, and New York will reopen as branches of Fulton Bank, and that depositors of Republic First Bank will become depositors of Fulton Bank.
The statement indicated that as of January 31, Republic First Bank had total assets of approximately 6 billion dollars and total deposits of around 4 billion dollars, and that the bank's failure is expected to cost the FDIC 667 million dollars.
The failure of Republic First Bank marks the first bank failure in the US this year.