Daily Gold Market Report

First Bank Collapse of 2024:
Fulton Financial Rescues Republic First

(USAGOLD – 4/29/2024) Gold prices are flat in early US trading. Trading has subdued at the beginning of the work week, with market participants preparing for a highly active week of U.S. economic data that is expected to substantially impact the markets. Gold is trading at $2334.00, down $3.96. Silver is trading at $27.25, up 4 cents. Fulton Financial Corporation has acquired substantially all assets and deposits of Republic First Bancorp, marking the first U.S. bank failure of 2024. The acquisition was facilitated through an auction by the Federal Deposit Insurance Corp (FDIC) after Pennsylvania state banking regulators seized Republic First on Friday due to financial instability. Republic First, operating as Republic Bank with 32 branches across Pennsylvania, New Jersey, and New York, faced challenges from higher interest rates and a declining commercial real estate market. Fulton Financial, with approximately $27 billion in assets, has taken on about $6 billion in assets and $5.3 billion in liabilities from Republic First, including $4 billion in deposits. There are indications of more bank failures on the horizon. A report highlighted that 186 banks in the United States are at risk of failure or collapse due to rising interest rates and a high proportion of uninsured deposits.