With 30 branches across Philadelphia and New Jersey, Feds seize Republic First Bank

With 30 branches across the Philadelphia region and New Jersey, Federal regulators have closed Republic First Bank.

However, customers of the bank have nothing to worry about as Fulton Bank will take over the chain and the transition has already started.

First Bank to Fail This Year

This marks the first FDIC-insured bank to close this year and published reports say it'll cost the deposit insurance fund over $660 million.

According to WPVI-TV, Republic First Bank depositors can still access their money via checks or ATMs, as normal.

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The Associated Press says rising interest rates and falling commercial real estate values have heightened the financial risks for many regional banks, like Republic.

The New York Post reported Republic Bank had struck a deal with an investor group that included veteran businessman George Norcross, but that deal fell apart. Once that happened, the FDIC resumed efforts to seize and sell the bank.

As of January 31st of this year, Republic had approximately $6 billion in total assets and $4 billion in total deposits.

Fulton Bank Rapidly Expands With Purchase

In a press release, Fulton Chairman and CEO Curt Myers said the takeover doubles that chain's footprint across the region.

With this transaction, we are excited to double our presence across the region. We look forward to welcoming Republic Bank’s team members and customers to Fulton and providing our comprehensive set of consumer, commercial and wealth advisory products and services to even more customers.

Fulton says all regulatory approvals have been obtained and the transaction has already closed.

Need More Information?

Customers with questions about Fulton Bank's acquisition of Republic Bank may call the FDIC at (877) 467-0178.