The Federal Deposit Insurance Corporation (FDIC) announced on Friday that Republic First Bank, based in Philadelphia, has been closed by Pennsylvania state regulators. This marks the first bank failure in the United States this year. The Pennsylvania Department of Banking and Securities appointed the FDIC as the receiver for Republic First Bank.
With approximately $6 billion in total assets and $4 billion in total deposits as of January, Republic Bank is significantly smaller than the regional bank failures witnessed last year. The FDIC has arranged for Fulton Bank, National Association of Lancaster, Pennsylvania, to assume most of the deposits and assets of Republic Bank to protect depositors.
