Republic First Bank has been seized and closed by regulators

Yet Another American Bank Collapses, Seized By Feds

Bidenomics continues to wreak havoc on American finance and commerce, but wasn’t this always the intended effect?

Yet another regional bank has collapsed and was seized by federal authorities on Friday. Republic First Bancorp, a Philadelphia-based regional bank, collapsed on Friday and was first seized by Pennsylvania state authorities.

The bank and its assets, including customer deposits, were passed on to the Federal Insurance and Deposit Corporation (FDIC) to be auctioned off.

Fulton Bank won the auction and will be taking over all of Republic First’s branches and operations effective on Saturday morning. Fulton Bank was founded in January 1882 and is based in Lancaster, Pennsylvania and operates with 206 branches located in 5 states.

Republic Bank cut jobs and exited its mortgage origination business in early 2023 as it reeled under pressure from higher costs and inability to improve profitability.

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.

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