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Another big bank has collapsed and is being seized by regulators

27.04.2024 13:30 1 min reading
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Another big bank has collapsed and is being seized by regulators

The FDIC recently announced a bank closure, the first case of a bank failure in the US this year.

The operations of Philadelphia-based Republic First Bank, also known as Republic Bank are stopped by the Pennsylvania Department of Banking and Securities. Subsequently, the Federal Deposit Insurance Corporation (FDIC) stepped into the role of receiver.

In an effort to protect depositors, the FDIC struck a deal with Fulton Bank, National Association, based in Lancaster, Pennsylvania. Under this agreement, Fulton Bank will assume a significant portion of Republic Bank's deposits and assets.

In addition, the FDIC clarified the fate of Republic First Bank's 32 existing branches. Branches located in New Jersey, Pennsylvania and New York will reopen as Fulton Bank branches over the weekend and into next week, with specific opening dates dependent on individual branch schedules.

The bank's existing customers can access their funds by issuing checks or using ATMs and debit cards. The bank will continue to honor checks issued, and credit customers are encouraged to stick to their regular payment schedules as directed by the FDIC.

According to the information, as of January 31, 2024, the bank had approximately $6 billion in total assets and $4 billion in total deposits, as reported by the FDIC.

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