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Bidenonics: Soaring gas prices hit $7.29 a gallon in California town: ‘Above the federal hourly minimum wage’

Republic First seizure signals more bank failures to come, expert warns

Pedonomics is doing a bang-up job. Thanks Pedo-Joe!

LINK: Republic First Bank, a regional lender based out of Philadelphia, became the first bank failure of 2024 on Friday when it was shut down by Pennsylvania's bank regulator and the Federal Deposit Insurance Corp. (FDIC) seized control of the operation.

The FDIC quickly made a deal for Fulton Bank to buy Republic First's assets, but one expert on financial regulatory reform and bank failures says the collapse could be a harbinger of things to come.

"This bank failure indicates that additional failures will occur and will range between smaller community banks and larger banks," said Joseph Lynyak, a banking attorney at Dorsey & Whitney, regarding the seizure of Republic First by U.S. regulators.

"The cause is twofold: higher-cost deposits exceeding the yield on low-yield treasury securities and similar investments held by banks, and the deteriorating commercial real estate market and commercial real estate loans," said Lynyak, who specializes in bank receiverships and failures.

Regional banks have been struggling to retain deposits as customers seek the safety of larger "too-big-to-fail" rivals, and higher interest rates have diminished the value of their loan books due to increased unrealized losses and lower commercial real estate values.

Investors have worried about a possible contagion in the sector since three prominent lenders – Silicon Valley Bank, First Republic and Signature Bank – collapsed in early 2023.

Prior to the takeover of Republic First, the last U.S. bank to fail was Iowa-based Citizens Bank in November 2023.

Then in January, New York Community Bank (NYCB) fell under pressure over concerns about its exposure to the beleaguered commercial real estate sector, but NYCB was able to raise $1 billion last month from investors, including former Treasury Secretary Steven Mnuchin's Liberty Strategic Capital.

The collapse of Republic First has reignited fears of contagion.

"The FDIC has indicated that banks have potentially significant unrealized losses in their investment portfolios, and many banks will ultimately need additional capital to address these unrecognized losses," Lynyak said.

BREAKING Basketball visitor

HN has learned that Raekwon Horton from JMU is currently on campus visiting.

Horton started his college career at College of Charleston.

Last year at JMU he played in all 36 games for the Dukes. Averaged 22 minutes/game, 7 points and 4 rebounds. Horton is a decent shooter for being 6'6" - hit on 34% of his 3s last year.


SHR; Brad and Alys Donate $1 Million To Keith Albee


For those that might not know, the Keith Albee which is owned by Marshall is undergoing a $30 million capital restoration project. So far they've raised $26-$27 million. They started in Dec 2023, and expect to be closed for close to two years.

NCAA NIL Antitrust potential settlements in the next 12 months


Seems over the next 12 months we could see settlements that will change the college sports landscape even more.

Leading the antitrust lawsuit is that previous players before 2021 getting payment by the NCAA over potential losses of NIL owed (in the billions).

Looks like from settlements on lawsuits against the NCAA, we could see outlines for revenue sharing with players from the NCAA and conferences from TV deals (potential for collective bargaining) ; players being paid directly by the schools for their NIL, general compensation and revenue sharing.

Interesting they got Texas A&M AD saying they anticipate and preparing to add to their budget between $15-20 million annually for a "new expense category" for college athletics.

Gotta protect Democrats. This crap won't fly in their neighborhoods. Protesting at a Congressman's private home. Are they crazy?

Remember when the left targeted conservative, Supreme Court Justices and protested at their houses, one with a murder plot? Democrat leaders gave protestors the addresses. But trying that at Chuck "Mr. Grinch" Schumer's house? Oh, they'll pay for that. The hypocrisy of Democrats know no bounds.

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