The takeover ends years of infighting by board and investor factions for control of the largest commercial bank still based in Philadelphia.
Curt Myers is chairman of Fulton Financial Corp. The Lancaster company doubled its Philadelphia-area presence when it agreed to take over troubled Republic Bank of Philadelphia on Friday, after Republic was seized by Pennsylvania banking regulators.and its assets transferred to the Federal Deposit Insurance Corp. on Friday, citing the bank’s “unsafe and unsound condition, in order to protect depositors.”required financial reports.
The combination will initially give Fulton a total of nearly $9 billion in deposits and more than 80 branches in the region, giving it the fifth-largest branch network after Citizens, Wells Fargo, PNC and TD, and the eighth-largest deposit base, after those banks plus Bank of America, WSFS and M&T. Some customers typically leave a bank after a merger, and banks typically shut redundant offices and lay off some staff once an acquisition is consolidated.
Hill, a real estate investor and longtime Burger King operator, had previously started both the former Commerce Bancorp of Marlton, now part of TD Bank; and Metro Bank Plc of London, claiming credit for speeding up the staid field of commercial banking with faster service lines, long hours, pet-friendly branches, and glass-walled offices designed by his wife, Shirley, but falling afoul of major investors and regulators over issues such as his use of family-controlled contractors and accounting...
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