Fulton Financial jumps after buying failed Republic First Bank's deposits, assets [Reuters]
First Citizens BancShares, Inc. - Class A (FCNCA)
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Source: Reuters
the Federal Deposit Insurance Corporation, in what is the first U.S. bank failure of 2024. Regional banks have been struggling to retain deposits as customers seek the safety of larger 'too-big-to-fail' rivals, while higher interest rates have also diminished the value of their loan books due to increased unrealized losses. Republic Bank's troubles included low liquidity, not filing annual reports detailing year-end financials with the U.S. SEC and being targeted by multiple activist investors since 2021. The beleaguered lender, which had about $6 billion and $4 billion in total assets and deposits, respectively, was closed on Friday by the Pennsylvania Department of Banking and Securities. The FDIC was appointed its receiver. The FDIC estimated the cost to the Deposit Insurance Fund related to the failure of Republic Bank would be $667 million. Investors have been worried about a possible contagion in the sector since three prominent lenders - Silicon Valley Bank, First Rep
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FCNCA
News
- Why banks and insurers should still top your investing list [Yahoo! Finance Canada]Yahoo! Finance Canada
- FDIC's Gruenberg rebuffs bipartisan calls for his resignation as new banking rules loom [Yahoo! Finance Canada]Yahoo! Finance Canada
- FDIC's Gruenberg rebuffs bipartisan calls for his resignation as new banking rules loom [Yahoo! Finance]Yahoo! Finance
- Why banks and insurers should still top your investing list [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Social media spurred the last banking crisis. Can it prevent the next one? [Yahoo! Finance]Yahoo! Finance
FCNCA
Earnings
- 4/25/24 - Beat
FCNCA
Sec Filings
- 5/10/24 - Form 4
- 5/9/24 - Form 10-Q
- 5/7/24 - Form 4
- FCNCA's page on the SEC website