The massive failures of Bidenomics is pushing more banks to the verge of insolvency, a report finds.
Inflation, sky-high interest rates, and crashing economic growth is sending many smaller banks past the breaking point.
Worries of a possible new wave of bank failures comes on the heels of bank regulators seizing Republic First Bancorp to set up its sale to Fulton Bank.
Per Just the News::
The bank reportedly had a total of $6 billion in total assets and $4 billion in total deposits, according to Yahoo Finance. The Federal Deposit Insurance Corp estimated the cost of the failure to its fund would be about $667 million.
Republic Bank has 32 branches in New Jersey, Pennsylvania and New York that are reopening as branches of Fulton Bank by this Monday.
Just the News added, “According to recent reports, hundreds of banks face the potential of failing just like Republic First Bancorp.”
Consulting firm Klaros Group analyzed roughly 4,000 U.S. banks and found that the banks face a threat of losses due to “secular changes in social patterns accelerated by the COVID pandemic (such as work-from-home, which has materially impacted demand for office space) and to the impacts of higher interest rates and related inflation.”
“You could see some banks either fail or at least, you know, dip below their minimum capital requirements,” Christopher Wolfe, managing director and head of North American banks at Fitch Ratings told CNBC in an interview.
This could be yet another straw breaking the economy’s back.
Biden is totally destroying the nation.
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