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.
ABA’s Nichols: Slashing debit card interchange fees will hit all banks
The Federal Reserve proposal to further lower the cap on debit card interchange fees under Regulation II will affect banks...