Republic First was acquired by Fulton Bank, making it the first U.S. bank to fail this year
2024-04-27 00:04:47
The Federal Deposit Insurance Corporation announced Friday that it has shut down Republic First Bank and reached an agreement for Fulton Bank to acquire deposits and most of the bank's assets. Republic First Bank's 32 branches in New Jersey, Pennsylvania and New York will reopen on Saturday as branches of Fulton Bank, according to the FDIC's statement. Depositors of Philadelphia-based Republic First Bank will become depositors of Williamsport, Pennsylvania-based Fulton Bank, the regulator said. As of the end of January, Republic First Bank had about $6 billion in assets and $4 billion in deposits, according to the FDIC. The FDIC expects the collapse to cost the deposit insurance fund $667 million.
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