Another Bank Collapse
U.S. regulators have seized Republic First Bancorp $Republic First Bancorp (FRBK.US)$ and agreed to sell it to Fulton Bank, underscoring the challenges facing regional banks a year after the collapse of three peers.
Republic Bank had about $6 billion in total assets and $4 billion in total deposits, as of Jan. 31, 2024. The FDIC estimated the cost of the failure to its fund will be $667 million.
Republic Bank had about $6 billion in total assets and $4 billion in total deposits, as of Jan. 31, 2024. The FDIC estimated the cost of the failure to its fund will be $667 million.
Apart from deposits, Republic also had borrowings and other liabilities of approximately $1.3 billion, Fulton said in a statement.Fulton said the deal almost doubles its presence in the Philadelphia market with combined company deposits of approximately $8.6 billion.
The bank's stock price has tumbled from just over $2 at the start of the year to about 1 cent on Friday, leaving it with a market capitalization below $2 million.Its shares were delisted from the Nasdaq in August and now trade over the counter.
![Source: reuters](https://sgsnsimg.moomoo.com/sns_client_feed/102728403/20240428/11257307bd3cd6135f3170938638c6d6.jpg/big?area=101&is_public=true)
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ZnWC : Thanks for sharing. I wonder what impact the bank collapse will have on Fed decision to rate cut.
Mcsnacks H Tupack ZnWC : None. The banks equity is like 6 billion dollars. Chump change for the Fed to even think about considering it.
ZnWC Mcsnacks H Tupack : You need something big like a financial crisis and pandemic before they start cutting interest rate![sob 😭](https://static.moomoo.com/nnq/emoji/static/image/img-apple-64/1f62d.png)
Mcsnacks H Tupack ZnWC : That's not a good thing tho. Financial crisis creates inflation because they have to interject money into the economy thru spending.