US EditionRegulators 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.
59 Articles
59 Articles
Philadelphia-Based Republic First Bank Collapses in First Bank Failure of 2024
The troubled Philadelphia-based Republic First Bank has imploded, with federal regulators seizing it and arranging for it to be taken over by fellow regional lender Fulton Financial, in what marks the first bank failure of 2024. The Federal Deposit Insurance Corporation (FDIC) announced on April 26 that Republic First Bank—which did business as Republic Bank—was seized and closed that same day. In order to protect people with savings at Republic…
One year ago, First Republic Bank collapsed. This Friday, Republic First Bank had to be rescued. The two banks have nothing to do with each other, although the similarity in name caused some unwanted contagion between the two. The Republic First Bank, which operated under the Republic Bank brand, was an entity with $6 billion in assets and $4 billion in deposits. A relatively small bank that became the first bank failure of the year, a role that…
US Regulators Seize Republic First Bancorp, Fulton Bank Steps In As Buyer Amid Regional Banking Woes - Republic First Bancorp (OTC:FRBK), Fulton Financial (NASDAQ:FULT)
Regional bank crisis continues as Republic First Bancorp is seized by U.S. regulators and sold to Fulton Bank.
Republic First Closed By Regulators And Bought By Fulton Bank
Republic First Bank became the latest smaller lender to succumb to pressures of higher interest rates on Friday when it was closed by regulators — with most of its deposits and assets acquired by Fulton Bank.
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