Republic First Bank, a regional lender based out of Philadelphia, became the first bank failure of 2024 on Friday when it was shut down by Pennsylvania’s bank regulator and the Federal Deposit Insurance Corp. (FDIC) seized control of the operation. The FDIC quickly made a deal for Fulton Bank to buy Republic First’s assets, but […]
Tag: Bank failure
First Republic Bank collapses; Chase takes over
JP Morgan Chase is set to take over the troubled bank First Republic in a deal brokered by regulators. The Federal Deposit Insurance Corporation (FDIC) confirmed in a statement that First Republic Bank had collapsed on Monday. Investment banking giant JP Morgan will take on all of the deposits and the majority of First Republic’s […]
Who will pay the $22 BN it took to rescue 2 banks?
Freedom Bank was founded two decades ago in Montana’s Flathead Valley, an area well known for fly fishing and whitewater rafting that is a world away from Silicon Valley. The community lender has built its business by catering to locals, offering a mix of mortgages, car loans and commercial loans from its home base in […]