WASHINGTON — Philadelphia-based Republic First Bank (doing business as Republic Bank) was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank.

"The Pennsylvania Department of Banking and Securities closed Republic First Bank (operating as Republic Bank), with the FDIC appointed as receiver.

Fulton Bank has agreed to assume nearly all deposits and purchase almost all assets of Republic Bank. Republic Bank’s 32 branches across New Jersey, Pennsylvania, and New York will reopen as Fulton Bank branches, and customers can access their funds through checks, ATMs, or debit cards. Existing checks and loan payments will continue to be processed as usual.

Depositors of Republic Bank will automatically become depositors of Fulton Bank, maintaining their existing deposit insurance coverage without needing to change their banking relationships.

As of January 31, 2024, Republic Bank had about $6 billion in assets and $4 billion in deposits. The estimated cost of this bank failure to the FDIC’s Deposit Insurance Fund is $667 million, with the acquisition by Fulton Bank being the least costly resolution compared to other options.

  • shortwavesurfer@monero.townEnglish
    0·
    6 months ago

    This is another big deal, but I doubt we will hear about it in the news because the bank failures are over and everything is hunky-dory.

    • SubDRSive@lemmy.whynotdrs.orgOPEnglish
      0·
      6 months ago

      It made the NY Post, but that rag needs me to turn off adblockers and send a nude photo to be able to read the article.