04/26/2024 – 20:03
The American agency Federal Deposit Insurance Corporation (FDIC) announced that Fulton Bank will assume all deposits and all assets of Republic First Bank. The FDIC had seized the bank in March after a failed attempt to rebuild its balance sheet. According to the FDIC, as of January 31, 2024, Republic Bank had approximately $6 billion in total assets and $4 billion in total deposits.
The agency's statement states that, starting Saturday, the 27th, Republic First's 32 branches in New Jersey, Pennsylvania and New York will reopen as Fulton Bank branches. The bank's customers will migrate to Fulton automatically.
Republic First faced some of the same problems as the three regional banks that failed last year: paper losses on bonds that lost value as interest rates rose and high proportions of uninsured deposits that could flee quickly.
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