Bank

Coin

<ul class="news-points">
 <li>The Pennsylvania Department of Banking and Securities closes the Republic First Bank.</li>
 <li>The regulators appoint FDIC as the receiver, with Fulton Bank assuming all deposits and assets of the bank.</li>
 <li>ZeshApps Founder Marto cautions crypto investors against holding money in crypto wallets.</li>
</ul>
The Federal Deposit Insurance Corporation (FDIC) <a href="https://www.fdic.gov/news/press-releases/fulton-bank-na-lancaster-pennsylvania-assumes-substantially-all-deposits" target="_blank" rel="noopener noreferrer nofollow">declared</a> the closure of Republic First Bank sparking debate among the crypto community. While the Pennsylvania Department of Banking and Securities seized the Philadelphia-based bank, the regulators appointed FDIC as the receiver.
As of the end of January 2024, Republic First Bank had about $6 billion in total assets and $4 billion in total deposits. Also, the firm had borrowings and other liabilities of about $1.3 billion. In an official statement, FDIC highlighted the agreement with Fulton Bank that allows the latter to assume almost all deposits and purchase assets of Republic. The statement read,
<blockquote class="wp-block-quote">
 “To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposit…
</blockquote>
The post <a href="https://coinedition.com/us-regulator-closes-republic-first-bank-fulton-bank-assumes-deposits/" rel="noopener noreferrer nofollow">US Regulator Closes Republic First Bank, Fulton Bank Assumes Deposits&nbsp;</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

US Regulator Closes Republic First Bank, Fulton Bank Assumes Deposits

Coin Edition

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