Republic First Bank Seized by Regulators–First Bank Collapse of 2024

https://www.forbes.com/sites/brianbushard/2024/04/26/republic-first-bank-seized-by-regulators-first-bank-collapse-of-2024/

by sahin • 2 years ago

37 8 2 years ago

forbes.com

blackhawkC17• 2 years ago

How funny that First Republic bank failed last year, and Republic First fails this year.

Maybe customers mistook the latter for the former and started pulling their deposits..

Scoundreller• 2 years ago

Oh, it gets worse. There are multiple distinct City National Bank(s), but in different service areas (except Florida where there is overlap and one operates as CN Bank, despite City National Bank of Florida being 1-state and not national).

Not to be confused with the defunct National City Bank.

https://www.bankatcity.com/

https://www.cnb.com/

https://www.citynational.com/

https://en.m.wikipedia.org/wiki/National_City_Corp.

RcouF1uZ4gsC• 2 years ago

Not to be confused with the defunct National City Bank.

Or with Citi Bank.

pylua• 2 years ago

I feel like there are a lot of churches with similar names. Is this just an older institution thing ? Before the internet, was it best to have similar names ?

grotorea• 2 years ago

Thanks for the clear up I was confused myself.

lotsofpulp• 2 years ago

There's also a First Citizens and Citizens First bank. And Citizens bank.

Also two First Banks.

https://localfirstbank.com/about-us/

https://www.firstbankonline.com/about-2/

I like the giant yellow header on this bank's website:

https://www.republicbank.com

REPUBLIC BANK & TRUST COMPANY - HEADQUARTERED IN LOUISVILLE, KY - IS NOT RELATED TO REPUBLIC FIRST BANK. We are not affiliated in any way with Philadelphia-based Republic First Bank, which does business as Republic Bank.

tom_vidal• 2 years ago

I had an account at this bank for a few years, and didn’t know about the collapse until reading this in Hacker News. I did receive a weird email from the bank today that my account was being migrated to a different bank.

Republic First was kind of a crappy bank. The website was bad, the customer service was bad, and most of their marketing prominently featured their CEO with his dog sitting on his lap in front of a new branch they’d just opened up.

A few years ago the bank started making it difficult to withdraw money from your accounts. They had ridiculously low limits for free transfers, and I ended up having to pay wire transfer fees to get my money out of the bank.

It was a weird place. Always got the vibe that some old money family ran it poorly.

diebeforei485• 2 years ago

This will continue as long s interest rates stay high.

Republic First Bank Seized by Regulators–First Bank Collapse of 2024

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