Chance (28 Apr 2024)
"First Bank Failure of the Year - Who's Nest?"


 
Hello John and Doves,
 
"The FDIC just seized the troubled Philadelphia bank, Republic First Bancorp and struck an agreement for the lender's deposits and the majority of its assets to be bought by Fulton Bank.  Republic Bank had about $6 billion of assets and $4 billion of deposits at the end of January...the FDIC estimated the failure will cost the deposit insurance fund $667 million....Around half of the deposits were uninsured at the end of 2023, according to FDIC data...Its stock, which was delisted from Nasdaq in August, had been near zero."
 
"US. Banks finished the year with almost $400 billion of unrealized losses on held-to-maturity assets...US banks saw the largest deposit outflows since 9/11"...last week.
 
"The banking crisis is back and now the question is "who's next"?"
Bank Failures Begin Again: Philly's Republic First Seized By FDIC | ZeroHedge
 
Maranatha~
 
Chance