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"?"
Chance