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 US BANK CRISIS:

In China, there's a banking and real estate crisis, and the situation in the US isn't great either. Recently, Republic First Bank became the first American bank to go under in 2024 due to a deepening banking crisis. The Federal Deposit Insurance Corporation (FDIC) seized it, revealing its shortcomings. Let's explore why this happened.

FDIC seized the bank due to its shortcomings and financial instability.

According to a report by Reuters in Business Today, the first bad news for the American banking sector this year has arrived. Last Friday, the Federal Deposit Insurance Corporation (FDIC) announced that American regulators had seized Republic First Bankcorp and agreed to sell it to Fulton Bank. Republic First Bank, a regional bank operating in Pennsylvania, New Jersey, and New York, had about $6 billion in assets and around $4 billion in deposits as of January 31, 2024. After the bank's failure, the Deposit Insurance Fund may have to bear the burden of nearly $667 million.

Fulton Bank has taken over.

According to the report, Fulton Bank has now taken over Republic First Bank after its failure. Fulton Bank has purchased all the deposits and assets of this bank. Moreover, starting from Saturday, 32 branches of Republic First Bank have been reopened under the name of Fulton Bank branches. Before this, Citizen Bank, Silicon Valley, and Signature Bank had also been closed, which are major examples of the deepening banking crisis in America.

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Last year, in 2023, The Wall Street Journal reported that Republic First Bank had made a deal with an investment group, but this attempt failed by February 2024. After the deal fell through, FDIC restarted efforts to seize and sell the bank.

Republic First Bank had been facing a crisis since last year when it started cutting jobs. Not only that, it also pulled out of the mortgage business due to high costs and no improvement in profits. The bank's share price had also been declining over the year 2024, and on April 26th, the price of one share dropped from $2 to nearly 1 cent, reducing its market capitalization to less than $2 million.