Shares of banks and other financial institutions ticked down as concerns about regional banks resurfaced.

Philadelphia lender Republic First Bancorp late Friday was purchased in a Federal Deposit Insurance Corp. auction by rival Pennsylvania lender Fulton Financial, becoming the first major bank to fail in 2024.

"Republic First finds itself in the same position as First Republic," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "They also had a high degree of uninsured depositors, similar to the banks in the spring of 2023, who had locked up lower yields for extended durations."

Shares of New York Community Bank, a lender which almost folded under the weight of commercial-property exposure it purchased with assets from Signature Bank, declined. Shares of Fulton rose sharply, a sign that investors see the risk taken by purchasing Republic First's assets as a prudent one. "When New York Community Bank bought those assets, it was viewed as a positive at the time," said Joyce. "It'll be interesting to see a year from now if Fulton is as happy about the purchase as it is now."

Kingstone shares reached a 52-week high Monday as the insurance company said it posted strong renewal rates in its core business in the first quarter, while materially reducing non-core policies-in-force.

Write to Rob Curran at

(END) Dow Jones Newswires

04-29-24 1800ET