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.
Travis Hill will be acting FDIC chairman; David Lebryk will lead Treasury until Scott Bessent's confirmation.
Indexing regulatory thresholds to inflation by default can keep expenses down for businesses — and their clients.
Illinois regulators closed Pulaski Savings Bank of Chicago and appointed the FDIC as receiver. Millennium Bank of Des Plaines, Illinois, agreed to assume all deposits and most of its assets.
The FDIC sued 17 former executives and directors of Silicon Valley Bank, alleging their gross negligence led to the collapse of the institution.
The U.S. government will begin using “extraordinary measures” on Tuesday, Jan. 21, to avoid hitting the debt limit, outgoing Treasury Secretary Janet Yellen said today in a letter to House Speaker Mike Johnson.
This year could be a “banner year” for bank mergers and acquisitions, with improving economic conditions, enhanced net interest margins and the possibility of tax cuts, according to a recent analysis by the law firm Hunton Andrews Kurth.
