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Silicon Valley Bank Goes Under, Won't be the Last...
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2023 Mar 10, 9:47am 44,470 views 326 comments
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323
Booger
2024 Apr 27, 12:12pm
Booger
2024 Apr 27, 12:12pm
Philadelphia Bank just failed.
https://fortune.com/2024/04/26/philadelphia-bank-implodes-failure/
Regulators have closed Republic First Bank, a regional lender operating in Pennsylvania, New Jersey and New York.
The Federal Deposit Insurance Corp. said Friday it had seized the Philadelphia-based bank, which did business as Republic Bank and had roughly $6 billion in assets and $4 billion in deposits as of Jan. 31.
Fulton Bank, which is based in Lancaster, Pennsylvania, agreed to assume substantially all of the failed bank’s deposits and buy essentially all of its assets, the agency said.
Republic Bank’s 32 branches will reopen as branches of Fulton Bank as early as Saturday. Republic First Bank depositors can access their funds via checks or ATMs as early as Friday night, the FDIC said.
The bank’s failure is expected to cost the deposit insurance fund $667 million.
https://fortune.com/2024/04/26/philadelphia-bank-implodes-failure/
Regulators have closed Republic First Bank, a regional lender operating in Pennsylvania, New Jersey and New York.
The Federal Deposit Insurance Corp. said Friday it had seized the Philadelphia-based bank, which did business as Republic Bank and had roughly $6 billion in assets and $4 billion in deposits as of Jan. 31.
Fulton Bank, which is based in Lancaster, Pennsylvania, agreed to assume substantially all of the failed bank’s deposits and buy essentially all of its assets, the agency said.
Republic Bank’s 32 branches will reopen as branches of Fulton Bank as early as Saturday. Republic First Bank depositors can access their funds via checks or ATMs as early as Friday night, the FDIC said.
The bank’s failure is expected to cost the deposit insurance fund $667 million.
324
fdhfoiehfeoi
2024 Apr 29, 9:38am
fdhfoiehfeoi
2024 Apr 29, 9:38am
Local credit union where I live has been taken over. Was already under restrictions about how much debt they could have due to failed audit(?) or similar by Feds a few years back. Before I chose a new local(semi-local) bank, took a look at their financials. This one hired some VP who didn't know lending regulations from his ass, so stayed away.
325
DOGEWontAmountToShit
2024 Apr 29, 9:44am
DOGEWontAmountToShit
2024 Apr 29, 9:44am
NuttBoxer says
What do.you mean by 'taken over'?
Did another credit union buy it?
Local credit union where I live has been taken over. Was already under restrictions about how much debt they could have due to failed audit(?) or similar by Feds a few years back. Before I chose a new local(semi-local) bank, took a look at their financials. This one hired some VP who didn't know lending regulations from his ass, so stayed away.
What do.you mean by 'taken over'?
Did another credit union buy it?
« First « Previous Comments 323 - 326 of 326 Search these comments
Oh yeah, and to once again blow away the bullshit about everyone being insured, read the article about how some depositors will have to pray dividend sales will someday return their deposits to them.
For some fun search bank run and see what some of the top images are.
https://www.zerohedge.com/markets/300-billion-reasons-why-svb-contagion-spreading-broader-banking-system