FX.co ★ Republic First Bank becomes first US bank to close in 2024

In 2024, Republic First Bank became the first bank closure of the year, overseen by the US regulatory authorities. The Pennsylvania Department of Banking and Securities, supported by the Federal Deposit Insurance Corporation (FDIC), took control of Republic First Bank, leading to its closure. This move was part of regulatory efforts to maintain financial stability. To safeguard depositors, the FDIC facilitated a transition where another bank would cover the insured deposits. This measure ensures that the financial impact on the depositors is minimized. According to US authorities, "Republic Bank’s 32 branches in New Jersey, Pennsylvania, and New York will reopen as branches of Fulton Bank.” Republic Bank's depositors will have access to their funds through checks, ATMs, or debit cards in the coming days. It was previously reported that US authorities are considering financial sanctions against some Chinese banks for their ongoing collaboration with Russia and involvement in joint trade operations.