First bank failure of 2024.
Regulators Seize Troubled Philadelphia Bank, Republic First
Regional bank Fulton Financial buys substantially all of the failed bank.
Regulators seized the troubled Philadelphia bank Republic First Bancorp and sold it to fellow regional lender Fulton Financial, the fourth high-profile bank failure since last spring.
The bank was closed by the Pennsylvania state regulator on Friday and sold after an auction run by the Federal Deposit Insurance Corp., confirming an earlier report by The Wall Street Journal.
Republic First faced some of the same problems as the three regional banks that failed last year: paper losses on bonds that lost value as interest rates rose, and high proportions of uninsured deposits that can quickly flee.