Article

2024-04-28 Economy

The first bank in 2024, Republic First, collapses

Direct Translation via Google Translate. Edited.
[Regnum] US authorities established control over the American bank Republic First, closed it and appointed the Federal Deposit Insurance Corporation (FDIC) as its successor. This incident turned out to be the first collapse of a credit institution in the country in 2024, according to a statement issued by the corporation on April 26.

“Republic Bank has been closed by the Pennsylvania Department of Banking and Securities, which has designated the Federal Deposit Insurance Corporation as its successor,” the FDIC said.

It is clarified that in order to protect depositors, the corporation has already reached an agreement with another credit institution, Fulton Bank, to accept most of the deposits and acquire the assets of the collapsed bank.

Difficulties in the US banking sector worsened in March 2023. The problems began after California state regulators closed Silicon Valley Bank, which was one of the 20 largest commercial American banks, experts noted.

As Regnum reported, the USA, Japan and European countries will suffer a “terrifying” recession, which will be accompanied by the collapse of the banking system, investor Jim Rogers said in May 2023.

The investor pointed out that states are trying to combat the collapse of banks through their merger with larger organizations.

On March 10, 2023, the 16th largest US bank, Silicon Valley Bank (SVB), went bankrupt. The head of the Federal Reserve System (FRS), Jerome Powell, blamed the organization's management for the incident. In his opinion, the SVB board failed to properly manage risks.

On March 21, former vice president of the Lehman Brothers financial corporation Lawrence MacDonald said that the threat of bankruptcy of at least 50 more banks looms over the United States if the American authorities do not get rid of structural problems in the economy.
The main structural problem being a government, from top to bottom, operated by economic illiterates.

Posted by badanov 2024-04-28 00:00|| || Front Page|| [11138 views ] Top

#1
Maybe part of the O'Biden regime goals is the collapse of the banking system and to establish a Fed Electronic currency, for Gov. trackable spending.

Posted by NN2N1 2024-04-28 08:19|| 2024-04-28 08:19|| Front Page Top

#2

BTW: Look back 100 yrs ago at the USA..
Interesting how many National issues are repeating themselves in various and similar ways.

Posted by NN2N1 2024-04-28 08:21|| 2024-04-28 08:21|| Front Page Top

#3 Hah. Prexidents come and go.

The banks intend to be around longer.

Posted by M. Murcek 2024-04-28 08:23|| 2024-04-28 08:23|| Front Page Top

#4 America's forgotten 'doom loop' city, where $205m skyscrapers are selling for $3.5m and the decaying downtown lies utterly deserted

Posted by Skidmark 2024-04-28 10:34|| 2024-04-28 10:34|| Front Page Top

#5 All the doom loop cities have a couple things in common.

Posted by M. Murcek 2024-04-28 11:19|| 2024-04-28 11:19|| Front Page Top

#6 ^ Democrats and Demographics

Posted by Frank G 2024-04-28 11:20|| 2024-04-28 11:20|| Front Page Top

#7 It's rayciss to not want to rent office space in a toilet.

Posted by M. Murcek 2024-04-28 11:24|| 2024-04-28 11:24|| Front Page Top

#8 This to remind all that by March 1933 the US banking system had collapsed. There was not a single bank open for business in the USA on FDR's 1st inauguration. Somehow we got through that.

Posted by Elmaper+McGurque1612 2024-04-28 23:33|| 2024-04-28 23:33|| Front Page Top

02:32 Fairbanks
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