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Regulators close Philadelphia-based Republic First Bank, first US bank failure this year

  • The Federal Deposit Insurance Corp. Seized a Philadelphia-based bank with $6 billion in assets and $4 billion in deposits, known as Republic Bank.
  • Fulton Bank from Lancaster, Pennsylvania, agreed to take over most of the failed bank's assets and deposits.
  • Republic Bank's 32 branches will reopen under Fulton Bank's name starting Saturday.
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