Republic First seizure signals more bank failures to come, expert warns

Republic First Bank, based in Philadelphia, was shut down by Pennsylvania's bank regulator, marking the first U.S. bank failure of 2024. The FDIC facilitated a quick acquisition of its assets by Fulton Bank. Expert Joseph Lynyak warns that this could be a sign of more bank failures to come, influenced by high-cost deposits and a declining commercial real estate market. This event has reignited contagion fears in the banking sector, previously stirred by the failures of major banks in early 2023.