Philly lender Republic First Bancorp seized by feds in latest regional bank collapse
NY Post
US regulators have seized Republic First Bancorp and agreed to sell it to Fulton Bank, the Federal Deposit Insurance Corp. said Friday, underscoring the challenges facing regional banks a year after the collapse of three peers.
The Philadelphia-based bank, which had abandoned funding talks with a group of investors, was seized by the Pennsylvania Department of Banking and Securities.
The FDIC, appointed as a receiver, said Fulton Bank, a unit of Fulton Financial, will assume substantially all deposits and purchase all the assets of Republic Bank to “protect depositors.”
Republic Bank had about $6 billion in total assets and $4 billion in total deposits, as of Jan. 31, 2024. The FDIC estimates that the cost to the Deposit Insurance Fund related to the failure of Republic Bank will be $667 million.
The bank’s 32 branches in New Jersey, Pennsylvania and New York will reopen as branches of Fulton Bank on Saturday or on Monday during business hours.
The decision marks the latest regional bank failure following the unexpected collapses of three lenders – Silicon Valley and Signature in March 2023 and First Republic in May.
Gas prices reach highest level since October 2023 as oil holds above $100 per barrel; US stocks jump
Brent crude oil held above $100 per barrel on Monday, pushing national average gasoline prices to their highest level since October 2023 as President Trump urged allies to help protect oil tankers from Iranian attacks in the key Strait of Hormuz.
Amazon has been signaling that it wants a piece of the Saks empire — including possibly buying it outright — even as its prospects to break into the luxury market have been complicated by its controversial role in the retailer’s bankruptcy, The Post has learned.
The founder of a Vermont-based whiskey brand wants to give away a college campus that he bought during the pandemic — on the condition the new owner shares his vision for “the revival of our country and our civilization.”
WASHINGTON — Energy Secretary Chris Wright predicted that Americans will continue to experience the pinch in their wallets at the gas pump for the “next few weeks,” but he was hopeful that prices could drop below $3 a gallon by the summer.
At the start of his term in January, Mayor Mamdani had the Big Apple’s lenders in his corner — despite his plans to remake the Big Apple economy under his socialist agenda.
Mark Zuckerberg’s Meta is reportedly delaying the release of its next artificial intelligence model at least about two months after internal tests showed the tech falling short of rival models from Google, OpenAI and Anthropic.
BuzzFeed on Thursday flagged going concern doubts and said it will not provide a forecast for 2026 as it evaluates strategic options, sending the digital media company’s shares down 7% after the bell.
Two Live Nation employees bragged about slapping customers with exorbitant fees at the entertainment giant’s venues, saying “these people are so stupid” that “I almost feel bad taking advantage of them,” according to court documents released late Wednesday.
Oil went on an unprecedented roller coaster ride at the start of the week, with the price surging more than 30% to near $120 a barrel late Sunday – only to erase all of those gains just hours later.
President Trump signaled on Wednesday that he plans to tap into the US Strategic Petroleum Reserve in an effort to bring down rising gas prices.
Zero Bond – the exclusive New York City club beloved by the likes of Jay-Z, Gigi Hadid and former Mayor Eric Adams – is opening a Las Vegas outpost this week.
US stocks were little changed on Tuesday as oil prices dropped after President Trump signaled the war in Iran will be limited – though the drop slowed after the White House walked back a claim that an oil tanker had been escorted through an Iranian energy chokepoint.
After nearly 50 years in Orange County, Yamaha Motor Corp. USA is packing up its headquarters — trading Cypress, California for Kennesaw, Georgia in a sweeping corporate shift that will impact about 250 workers.The motorcycle and motorsports giant says the move is part of major “structural reforms” meant to boost profits as costs climb — including pressure from tariffs imposed during the administration of President Donald Trump and shifting market conditions.