Welcome to the Chicks on the Right Show.

We are super excited today to have with us Philip Patrick from Birch Gold because Philip,

there's some stuff going down that's not getting a lot of airplay, but like just within the last few days the

FDIC has just sort of quietly under the radar announced the first bank failure

of 2024. I don't know why it's not getting talked about more so

what do you what can you tell us about why it collapsed yeah you're first of all you're

right it was surprisingly quiet almost swept under the rug so Philadelphia

based it was a bank called Republic first they had 32 branches about 4 billion

dollars in total deposits.

By the way, a little over half of those deposits were uninsured.

So what happened, the bank failed.

The FDIC arranged a takeover by another Pennsylvania base bank and they kicked him out

$667 million of its deposit insurance fund over to support them.

And it looks like at this point even the uninsured depositors

are going to be made whole. Now this bank has been in... I know it's crazy.

This bank's been in trouble for quite a while. I have no doubt they're on the

FDIC secret list of 52 problem banks and here's why, right? We've got this combination of rising interest rates and

falling commercial real estate values, especially for these office buildings that

are really struggling post COVIDVID and what we're seeing is a heightened risk

for the entire banking system. We see loans that are backed by properties that have

lost value make them very challenging to refinance and

essentially banks have been counting on interest rate reductions from the

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