Regulators have closed Republic First Bank's 32 branches in Pennsylvania, New Jersey and New York and they will be taken over by Fulton Bank.
PHILADELPHIA -- Philadelphia -based Republic First Bank was closed by state regulators Friday night and its assets were given to the Federal Deposit Insurance Corp., FDIC announced in a news release. Republic Bank 's assets are now being taken over by Lancaster, Pennsylvania -based Fulton Bank effective immediately. Fulton is also assuming all deposits.Republic First Bank is 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 FDIC said Fulton Bank acquiring Republic First Bank was the cheapest resolution.Anyone with less than $250,000 in any bank account insured by the FDIC is protected even if that person's bank fails. Why did Republic First Bank fail?The lender is the first FDIC-insured institution to fail in the U.S. in 2024. The last bank failure — Citizens Bank, based in Sac City, Iowa — was in November 2023.
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