Fdic Says Fulton Bank Acquisition Was Cheapest Resolution

Regulators Close Republic First Bank, Costing Deposit Insurance Fund $667 Million

FDIC Says Fulton Bank Acquisition Was Cheapest Resolution

Republic First Bancorp Had $4 Billion in Deposits, $6 Billion in Assets

WASHINGTON (AP) — Regulators have closed Republic First Bank, a regional lender operating in Pennsylvania, New Jersey, and New York. The bank's failure is expected to cost the deposit insurance fund $667 million, but the Federal Deposit Insurance Corporation (FDIC) said Fulton Bank acquiring Republic First Bank was the cheapest resolution. Republic First Bancorp, known as Republic Bank, had about $4 billion in deposits at the end of January and assets worth $6 billion, the FDIC said in a statement. Republic First Bank is a separate entity from First Republic Bank, a San Francisco-based commercial bank that was closed in May 2023. The majority of First Republic Bank's assets were acquired by PNC Bank. Fulton Bank has reached an agreement to take over Republic First's 32 branches across Pennsylvania, New York, and New Jersey. The branches will reopen under the Fulton Bank name.