Philadelphia-based Republic First Bank (doing business as Republic Bank) was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank. Republic Bank’s 32 branches in New Jersey, Pennsylvania and New York will reopen as branches of Fulton Bank on Saturday (for branches with normal Saturday hours) or on ... (full story)

Republic First, a small Pennsylvania lender doing business as Republic Bank, was seized Friday by regulators who sold most of its assets and liabilities to rival Fulton Bank. Why it matters: The Fed's rate hikes have slashed the value of many banks' assets. When those banks are losing money, as Republic was, they're likely to fail. The big picture: Republic was much smaller than banks that failed last year, like Silicon Valley Bank, First Republic, and Signature Bank. It had only about $6 billion in assets across 32 branches in Pennsylvania, New York and New Jersey. Its equity value — the value of its assets minus ... (full story)