Fulton (FULT) Buys Republic First Bank, Expands in Philadelphia [Yahoo! Finance]
First Citizens BancShares, Inc. - Class A (FCNCA)
US:NASDAQ Investor Relations:
firstcitizens.com/about/who-we-are/annual-report
Company Research
Source: Yahoo! Finance
Republic First Bank (“Republic Bank”) from the Federal Deposit Insurance Corporation (FDIC). The transaction has been successfully completed following the necessary regulatory approvals. Republic Bank was seized by U.S. regulators on Apr 26 as it struggled amid a high interest rate regime. This adversely impacted its balance sheet and market valuation, given its high exposure to commercial real estate loans. Despite taking several measures, including the divestiture of mortgage origination business, headcount reduction and capital infusion, the company struggled to remain solvent. Thus, the bank became the first casualty of the regional banking crisis in 2024. There were three major bank failures last year. Silicon Valley Bank and Signature Bank collapsed in early 2023. Silicon Valley Bank was acquired by First Citizens Bancshares, Inc. FCNCA, while New York Community Bancorp, Inc. NYCB acquired Signature Bank. Further, in May, First Republic Bank collapsed and was bought by JPM
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FCNCA
News
- FDIC Chair Martin Gruenberg to step down as new bank rules loom [Yahoo! Finance Canada]Yahoo! Finance Canada
- FDIC boss Martin Gruenberg to step down as new bank rules loom [Yahoo! Finance Canada]Yahoo! Finance Canada
- Fed's ‘Stigmatized' Emergency Tool for Banks Draws Flak at Own Conference [Yahoo! Finance]Yahoo! Finance
- Fed's ‘Stigmatized' Emergency Tool for Banks Draws Flak at Own Conference [BNN Bloomberg (Canada)]BNN Bloomberg
- Barr: Requiring discount window readiness could break 'stigma' [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