Closed Friday, April 26, 2024 · Philadelphia, Philadelphia County, Pennsylvania
Republic First Bank dba Republic Bank
By total assets Republic First Bank dba Republic Bank is the 34th-largest of the 3,375 bank failures since 1934 for which the FDIC records a size, counted in dollars of the day. No bank in Pennsylvania had failed for seven years, since First CornerStone Bank closed in 2016. No failed bank in Pennsylvania was larger, of 67 on record there since 1934.
On the books, 2016 to 2023
Total assets peaked at $6.3 billion in the third quarter of 2023 and were 7% lower at the final report. Equity capital went from 8.9% of assets in the first quarter of 2016 to 1.8% at the last report. The deepest annual loss, $42.7 million, was booked in 2023.
Size and cost in context
Only one other bank failed in 2024: The First National Bank of Lindsay of Lindsay, Oklahoma, smaller at $108 million. Ranked by estimated loss, it is 55th of 2,944 failures since 1934.
Failures in Pennsylvania
The next was Tioga-Franklin Savings Bank of Philadelphia, on August 21, 2026. Philadelphia County has 10 failed banks on FDIC record since 1934. Closest in time: Ukrainian Savings and Loan Association (1992), Meritor Savings Bank (1992), Metrobank of Philadelphia National Association (1996), Pulaski Savings Bank (2003), Tioga-Franklin Savings Bank (2026).