By SRH,
By NWO Design, the Watchman Banks Are Failing. Republic First Bank in Philadelphia Was Too Exposed to the Real Estate Market, and the FDIC Has Taken Over,More to Come People!
By SRH, The New World Order folks continue to tear down our most important infrastructure,banking institutions,family,Churches Etc.
The publicly traded Republic First Bancorp (ticker FRBK), which operated as Republic Bank, failed quietly on Friday, the first federally insured bank failure of 2024, according to the FDIC. This federally insured bank was trading at 1-cent on Friday, down from 27-1/2 cents when we initially reported on its precarious state in September of last year.
Really, do Americans want to see a bank trading their life savings like a penny stock?
Since the program’s establishment in 1933, no depositor in a federally insured bank has ever lost a penny if they remain under the government’s insurance cap on deposits. At the moment, the insurance limit is $250,000 per depositor per bank. Still, the terms penny stock and bank deposit are not a desirable match, given public faith in the security and soundness of the American banking system.
On Friday, the FDIC disclosed a seamless transfer plan for depositors at the bankrupt bank:
“The FDIC entered into an arrangement with Fulton Bank, National Association of Lancaster, Pennsylvania, to take substantially all of the deposits and purchase substantially all of Republic Bank’s assets in order to protect depositors.”
The thirty-two branches of Republic Bank in New Jersey, Pennsylvania, and New York will reopen as Fulton Bank branches on Saturday (for branches with regular Saturday hours) or on Monday during regular business hours. Debit cards or ATMs to retrieve their money this evening and over the weekend. Loan customers should continue to make their regular payments, and Republic Bank will continue to process checks.
After gorged on tons of securities, loans, treasuries, and derivatives during the near-0% interest rate cycle, I had primed readers earlier this month to be ready for a new wave of banks, big, medium, and small, to start failing due to overexposure to CRE mortgages and other loans and contracts going sour due to higher interest rates. Well, here we are, hardly a month after I indicated that collapses would begin to occur.
HNewsWire: “The underlying financial weaknesses in the U.S. banking industry are widespread, and the FDIC’s newly expanded guarantee of all deposits does nothing to protect shareholders in bank holding companies, who could still lose most or all of their money,” the group said. Weiss Research Inc., one of the most accredited and well-respected independent rating agency, is sounding-off that an astronomical number of American banks will collapse because they are insolvent. According to this rating firm, after analyzing the books and balance sheets of the Federal Reserve and banking institutions, Weiss Research claims that a monstrous 5,274 banks and credit unions have the potential to collapse. To put the number into perspective, there is are 9,457 banks and credit unions in total exist in the United States. This is almost 56% of all the financial institutions in the U.S. According…Read More
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