Republic First Closed by Regulators and Bought by Fulton Bank
- The failed lender had 32 branches in Pennsylvania, NY and NJ
- Collapse will cost FDIC’s deposit insurance fund $667 million
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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.
The Federal Deposit Insurance Corp. said in a statement that Republic First’s 32 locations in New Jersey, Pennsylvania and New York will reopen Saturday as branches of Fulton Bank. Republic First — which does business as Republic Bank — had about $6 billion of assets and $4 billion of deposits at the end of January.