US Regulators FDIC has appointed Fulton Bank, N.A. to take over most of Republic First Bank’s assets and assume most of its deposits to safeguard depositors.
Fulton Bank accepts transitioning deposits and purchasing most assets of Republic First Bank, which was closed by the Pennsylvania Department of Banking and Securities.
The Pennsylvania Department of Banking and Securities seized Republic Bank after investor discussions ceased, and Fulton Bank, part of Fulton Financial Corp, assumed deposits to protect depositors.
Republic Bank’s total assets and deposits reached USD 6 billion and $4 billion respectively, with the FDIC estimating a $667 million insurance fund loss due to the bank’s failure.
Republic Bank’s 32 branches in New Jersey, Pennsylvania, and New York are set to reopen as Fulton Bank branches on April 27 or 29, depending on the location.
Republic Bank Failure: Not First in US
- Republic Bank’s failure follows Silicon Valley Bank, Signature Bank, and First Republic Bank collapses.
- Previously, Republic Bank had an investor group agreement, but fell through.
- FDIC resumes efforts to stabilize and sell the bank.
Republic Bank Users’ Transition to Fulton Bank
- Depositors of Republic Bank will become Fulton Bank depositors, retaining deposit insurance coverage.
- Customers should continue using existing branches until Fulton Bank completes system changes for branch offices to process accounts.
- Questions about Fulton Bank’s acquisition can be addressed at the FDIC toll-free at 1-877-467-0178.
- The FDIC Call Center is open from 9:00 a.m. to 5:00 p.m. ET on Saturdays, noon to 6:00 p.m. ET on Sundays, 8:00 a.m. to 8:00 p.m. ET on Mondays, and from 9:00 a.m. to 5:00 p.m. ET on Fridays.
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Fulton Bank accepts transitioning deposits and purchasing most assets of Republic First Bank, which was closed by the Pennsylvania Department of Banking and Securities.The Pennsylvania Department of Banking and Securities seized Republic Bank after investor discussions ceased, and Fulton Bank, part of Fulton Financial Corp, assumed deposits to protect depositors.
Republic Bank’s total assets and deposits reached USD 6 billion and $4 billion respectively, with the FDIC estimating a $667 million insurance fund loss due to the bank’s failure.Republic Bank’s 32 branches in New Jersey, Pennsylvania, and New York are set to reopen as Fulton Bank branches on April 27 or 29, depending on the location.
Fulton Bank accepts transitioning deposits and purchasing most assets of Republic First Bank, which was closed by the Pennsylvania Department of Banking and Securities.The Pennsylvania Department of Banking and Securities seized Republic Bank after investor discussions ceased, and Fulton Bank, part of Fulton Financial Corp, assumed deposits to protect depositors.
Republic Bank’s total assets and deposits reached USD 6 billion and $4 billion respectively, with the FDIC estimating a $667 million insurance fund loss due to the bank’s failure.Republic Bank’s 32 branches in New Jersey, Pennsylvania, and New York are set to reopen as Fulton Bank branches on April 27 or 29, depending on the location.
Fulton Bank accepts transitioning deposits and purchasing most assets of Republic First Bank, which was closed by the Pennsylvania Department of Banking and Securities.The Pennsylvania Department of Banking and Securities seized Republic Bank after investor discussions ceased, and Fulton Bank, part of Fulton Financial Corp, assumed deposits to protect depositors.
Republic Bank’s total assets and deposits reached USD 6 billion and $4 billion respectively, with the FDIC estimating a $667 million insurance fund loss due to the bank’s failure.Republic Bank’s 32 branches in New Jersey, Pennsylvania, and New York are set to reopen as Fulton Bank branches on April 27 or 29, depending on the location.
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