Regulators close Philadelphia-based Republic First Bank, first US bank failure this year
Regulators have closed Republic First Bank, a regional lender operating in Pennsylvania, New Jersey and New York
By Ap News
Published - Apr 26, 2024, 07:54 PM ET
Last Updated - May 27, 2024, 01:06 AM EDT
WASHINGTON (AP) — Regulators have closed Republic First Bank, a regional lender operating in Pennsylvania, New Jersey and New York.
The Federal Deposit Insurance Corp. said Friday it had seized the Philadelphia-based bank, which did business as Republic Bank and had roughly $6 billion in assets and $4 billion in deposits as of Jan. 31.
Fulton Bank, which is based in Lancaster, Pennsylvania, agreed to assume substantially all of the failed bank's deposits and buy essentially all of its assets, the agency said.
Republic Bank’s 32 branches will reopen as branches of Fulton Bank as early as Saturday. Republic First Bank depositors can access their funds via checks or ATMs as early as Friday night, the FDIC said.