Republic First Bank seized by regulators, sold to Fulton Bank

The big picture: Republic was much smaller than banks that failed last year, like Silicon Valley Bank, First Republic, and Signature Bank. It had only about $6 billion in assets across 32 branches in Pennsylvania, New York and New Jersey.

• Its equity value — the value of its assets minus the value of its liabilities — was $96 million at the end of 2023, but that number didn't take into account $262 million in mark-to-market losses on its bond portfolio.
• An attempted $35 million rescue fell apart in March.
• The FDIC said its insurance fund is set to take a loss of $667 million on the deal.

The bottom line: Republic is small enough to fail, and none of its depositors are going to lose money, not even the ones with more than $250,000 in the bank. But its failure shows that the Fed's rate hikes continue to hurt bank asset values.