US regulator seizes assets of Republic First Bank, agrees to sell this bank
US Banking Crisis: The assets of the troubled Republic First Bank in America have been seized by the banking regulator FDIC. The regulator said that it had been agreed to sell the bank's assets to Fulton Bank.
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US regulator FDIC (The Federal Deposit Insurance Corporation) has seized the assets of Republic First Bancorp and agreed to sell them to Fulton Bank. The regulator gave this information on Friday. Philadelphia-based Republic First Bank was seized by the Pennsylvania Department of Banking and Securities after it stopped funding talks with a group of investors.
The FDIC, appointed as receiver, said Fulton Bank, a unit of Fulton Financial Corp., would assume substantially all of the bank's deposits and purchase all of Republic Bank's assets for the "protection of depositors."
As of January 31, 2024, Republic Bank had about $6 billion in total assets and $4 billion in total deposits. The FDIC reports that Republic First Bank's thirty-two locations in New Jersey, Pennsylvania, and New York will reopen as Fulton Bank locations on Saturday or Monday during regular business hours.
