State regulators today closed Republic First Bank, doing business under the Republic Bank brand, in Philadelphia, and appointed the FDIC as receiver. Lancaster, Pennsylvania-based Fulton Bank agreed to assume substantially all of the failed bank’s $4 billion in deposits and to purchase substantially all of its $6 billion in assets. The FDIC estimated that the failure—the first of 2024—will cost the Deposit Insurance Fund $667 million.
Nearly three in four small business owners believe they can withstand revenue shortfalls for only two quarters before becoming concerned about the future of their businesses, according to a recent survey by TD Bank.
In a recent speech, Acting Comptroller Rodney Hood outlined his top priorities for the OCC, including efforts to promote financial inclusion and expand the banks’ ability to provide cryptocurrency services.
ABA strongly supports several provisions in the federal budget reconciliation tax package, including language to make permanent the Section 199A pass-through deduction, ABA President and CEO Rob Nichols said.
Chickasaw Banc Holding in Oklahoma City has agreed to buy Oklahoma Heritage Bank in Ada.
The NFIB Small Business Optimism Index declined by 1.6 points in April to 95.8, the second consecutive month below the 51-year average of 98.
The Consumer Price Index rose 0.2% in April after falling 0.1% the previous month, and increased 2.3% over the past year, the Labor Department said.
