(Epic Economist)—A 10-billion-dollar bank was just shut down by U.S. regulators in the first big bank failure of 2024. The Federal Deposit Insurance Corporation announced the collapse of another major financial institution just a few days ago, the sixth of such kind over the last 12 months.
The event has triggered fears of cascading bank failures, with economists warning about rising risks and mounting stress for almost 300 institutions. As economic uncertainty continues to weight on financial markets and add pressure on the commercial real estate sector, many banks that seem too big to fail are now facing unprecedented losses that could put them on a very destructive path, the experts say.
In the final days of April, Republic First Bank, a Pennsylvania-based financial institution has collapsed. Earlier this week, the FDIC issued a note saying it had stepped in to protect $6 billion in assets and $4 billion in customer deposits. The federal agency transferred the deposits to another regional bank after an agreement was reached.
Struggling under the regime of higher interest rates, Republic First Bancorp suffered painful losses due to its high exposure to the commercial real estate market. The bank’s fourth quarter report cited “serious difficulties amid an elevated interest rate environment,” with executives noting last year that the Fed’s monetary policy to curb inflation “severely hurt” its commercial real estate portfolio.
The sector, which has been facing numerous challenges since the COVID-19 pandemic, accounted for nearly half of Republic Bank’s loan book. The institution was also facing other significant problems, including low liquidity and battles with activist investors. In October 2023, Republic Bank managed to secure $35 million in funding from a group of investors led by George Norcross, but that plan fell apart in February.
Now, another regional lender has come forward to rescue the bank’s assets. Fellow Pennsylvania-based bank Fulton Financial Corp has agreed to acquire all of Republic’s assets and over $5.3 billion in liabilities. On Saturday, Republic Bank’s 32 branches in New Jersey, Pennsylvania and New York will reopen as branches of Fulton Bank, reports say.
The move represents the latest crack – and the latest bandage job – in the distressed regional-banking industry. The failure marked the first major bank collapse of this year, following five that occurred in 2023, as the Fed’s rate hikes destabilized the balance sheets of big financial players. When Silicon Valley Bank (SVB) collapsed last spring, many economists warned that more could follow – and their predictions have been proven accurate. Signature Bank, First Republic Bank, Heartland Tri-State Bank, and Citizens Bank, all collapsed in the succeeding months, as a result of the financial instability caused by policymakers.
Why One Survival Food Company Shines Above the Rest
Let’s be real. “Prepper Food” or “Survival Food” is generally awful. The vast majority of companies that push their cans, bags, or buckets desperately hope that their customers never try them and stick them in the closet or pantry instead. Why? Because if the first time they try them is after the crap hits the fan, they’ll be too shaken to call and complain about the quality.
It’s true. Most long-term storage food is made with the cheapest possible ingredients with limited taste and even less nutritional value. This is why they tout calories so much. Sure, they provide calories but does anyone really want to go into the apocalypse with food their family can’t stand?
This is what prompted the Llewellyns to launch Heaven’s Harvest. They bought survival food from multiple companies and determined they couldn’t imagine being stuck in an extended emergency with such low-quality food. They quickly discovered that freeze drying food for long-term storage doesn’t have to mean sacrificing flavor, consistency, or nutrition.
Their ingredients are all-American. In fact, they’re locally sourced and all-natural! This allows their products to be the highest quality on the market, so good that their customers often break open a bag in a pinch to eat because they want to, not just because they have to due to an emergency.
At Heaven’s Harvest, their only focus is amazing food. They don’t sell bugout bags, solar chargers, or multitools. They have one mission – feeding Americans in times of crisis.
What they DO offer is the ability for people to thrive in times of greatest need. On top of long-term storage food, they offer seeds to help Americans for the truly long-term. They want them to grow their own food if possible which is why they offer only Heirloom, Non-GMO, Non-Hybrid, Open-Pollinated seeds so their customers can build permanent food security on their own property.
Visit the Heaven’s Harvest website and use promo code “Patriot” for a discount today!
Can you imagine if the PuppetMedia existed at the time of Noah’s construction of The Ark — every few days warnings of the flood and some crazy shipbuilding dude who thought he could prep for it?!