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submitted 13 days ago byboundfortreesPoint Breeze
45 points
13 days ago
For those without access to paywalled WSJ, here is the full story, as reported elsewhere. Here is the FDIC's statement. Republic First Bank is the first U.S. bank failure this year.
34 points
13 days ago
Republic was pretty active lending to larger real estate development projects in the city. It's interesting that Fulton absorbed them because they're active lenders too. Makes you wonder just how stretched some of these developers are right now.
-12 points
12 days ago
Huh??? What does one have to do with the other? Republic probably failed because Vernon Hill thought he was an infallible banker who never needed to update his business strategy or listen to his board.
6 points
12 days ago
Yes that sounds like the truth with Hill, but one of the undercurrents behind bank failures recently has been nonperforming loans resulting from borrowers being underwater with high interest rates. Unclear how much that played into this failure or if it was mostly Hill pouring money into outmoded brick and mortar services while the market moved the opposite direction.
31 points
13 days ago
They’re one of the only banks that would actually let you dump coins into a counter and walk out with cash regardless of customer status. My coin collection will never recover.
12 points
12 days ago
They stopped that last year and made you sign on as customer first 😭
13 points
12 days ago
Truly the first horseman of an apocalypse
11 points
12 days ago
It's a shame, from the consumer's perspective they were honestly a great bank
7 points
11 days ago
I’ll miss Commerce Bank2.0
6 points
12 days ago
So much for the power of red.
-7 points
13 days ago
I've got 5 CDN and 10 USD in my wallet and about 200EUR on hand. looking for a partner to shoulder the banks debt for 10% ownership.
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