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Republic First Bank was seized and sold to Fulton Bank by US regulators

Republic First Bank was seized and sold to Fulton Bank by US regulators

Philadelphia-based Republic First, which refused to negotiate financing with a group of investors, was seized by the Pennsylvania Department of Banking and Securities.

Source:https://www.reuters.com/business/finance/us-regulators-set-seize-republic-first-bancorp-wsj-reports-2024-04-26/

To protect depositors, the Federal Deposit Insurance Corporation (FDIC) instructed Fulton Bank to take over substantially all of the deposits and acquire most of the assets of the failed Republic First Bank. As of January 31, 2024, Republic Bank had approximately $6 billion in total assets and $4 billion in total deposits. The FDIC estimates that the cost of his fund’s failure would be $667 million.

Republic Bank depositors will become Fulton Bank depositors.

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