The US Federal Deposit Insurance Corporation (FDIC) announced on Friday the closure of Republic First Bank, a Pennsylvania-based bank; this marks the first major bank closure of 2024.
The closure of Silicon Valley Bank and First Republic Bank last year was followed by five other bank failures, marking the first bank failure of 2024. Fulton Bank acquired nearly all of Republic First Bank’s assets to protect depositors’ money and assumed responsibility for almost all of the deposits.
The bank’s deposits and assets totaled $10 billion. The FDIC estimated that closing it and transferring ownership to the Deposit Insurance Fund would cost $667 million. According to the FDIC report, as of January 31, 2024, Republic Bank had a total asset of approximately $6 billion and total deposits of $4 billion.
The bank had thirty-two branches located in New Jersey, New York, and Pennsylvania. It is important for the bank’s customers to know that these branches reopened on Saturday, April 27, as Fulton Bank.
Customers of the now-defunct institution, Republic Bank, can access their deposited money by writing checks or using ATM or debit cards. The bank has informed its customers that they should continue to make their payments as usual. The checks will be processed in the normal course of business.
You don’t need to take any action if you receive payments such as Social Security benefits for your Republic First account. Since Republic First no longer exists, payments of this kind will now be deposited into new Fulton Bank accounts that have been created for Republic First customers.
Customers who have signed up for automatic payments will not need to update their routing and account numbers unless notified in writing by Fulton Bank, N.A.
Proverbs 22:7 The rich ruleth over the poor, and the borrower is servant to the lender.
1 Timothy 6:10 For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
Hebrews 13:5 Let your conversation be without covetousness; and be content with such things as ye have: for he hath said, I will never leave thee, nor forsake thee.
Matthew 6:19 Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal:
Matthew 6:20 But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal:
Matthew 6:21 For where your treasure is, there will your heart be also.
Matthew 6:24 No man can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise the other. Ye cannot serve God and money.
Read more at: The US economy is flashing a Recession Warning (transformedbythetruth.com)
Read more at: https://www.transformedbythetruth.com/billionaires-plan-is-a-great-reset/
Read more at: https://www.transformedbythetruth.com/mass-mortality-events-that-are-biblical-proportions-2/
Read more at: https://www.transformedbythetruth.com/a-global-economy-in-growing-danger-of-a-depression/
Click here to read more articles transformedbythetruth.com