No banks are safe (bail ins, FDIC limits, systemic risks)
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How $1 billion vanished in Republic Bank collapse
The Monday after taking over the Philadelphia region’s failed Republic Bank, Fulton Bank, based in Lancaster County, turned its plans toward new customers and deciding which branches to keep open and which employees to retain.Among losers in the financial collapse of Republic, seized Friday by state regulators, were shareholders, the Federal Deposit Insurance Corp., and up to half of the 430 employees.
The company was worth around $350 million, or $5 a share, as recently as May 2022, as factions led by Commerce Bank founder Vernon Hill, Wall Street investor Andrew Cohen, and South Jersey political leader George Norcross fought for control of the bank, founded in 1988.
Last fall, the Norcross group appeared to have won the power struggle, but in February, it canceled an agreement to invest in the bank, citing worse-than-expected financial data in Republic’s long-delayed reports to the Securities & Exchange Commission. Republic claimed it still had enough capital to stay in business without the Norcross money. But with no other investor in view, regulators pulled the plug on Friday, calling Republic “unsafe and unsound.”
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