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The first bank failure of 2024 happened last week when Republic First Bank, a financial institution based out of Philadelphia, was seized and closed by federal regulators. The bank reportedly faced mounting financial difficulties due to a decrease in the number of deposits it received and its mortgage lending. The bank was seeking funds to continue its
With 30 branches across the Philadelphia region and NJ, Federal regulators have seized Republic First Bank; customers of the bank have nothing to worry about.
Republic First Bank, which had $5.87 billion of assets in late 2023, was shuttered just over a year after the 2023 regional banking crisis.
Fulton Bank acquires deposits, assets of Republic First Bank
The seizure of Republic First marked the first bank failure in the U.S. for 2024, and has reignited concerns of contagion after a string of regional banks collapsed early last year.