The first bank failure of 2024 happened last week when Republic First Bank, a financial institution based out of Philadelphia, was seized and closed by federal regulators. The bank reportedly faced mounting financial difficulties due to a decrease in the number of deposits it received and its mortgage lending.
faced mounting financial difficulties due to a decrease in the number of deposits it received and its mortgage lending. The bank was seeking funds to continue its operation, but a deal that would have provided it with $35 million fell through earlier this year, according to multiple reports.
The bank was considered high risk due to its inability to secure funding. The Pennsylvania Department of Banking and Securities cited in its decision to shutter the bank. The DoBS immediately named the Federal Deposit Insurance Corporation “as receiver of the bank.” “Philadelphia-based Republic First Bank was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corporation as receiver.
Multiple outlets reported that Republic First was the fourth bank to be seized by regulators since 2023. Silicon Valley Bank, Signature Bank, and First Republic Bank all folded last year. According to the FDIC, all of those banks were considerably larger institutions than Republic First. As of January, Republic First only had about $6 billion in assets and approximately $4 billion in deposits.
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