Fulton Targets Sale of Republic First’s $2 Billion in Securities
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Fulton Financial Corp. plans to sell a $2 billion investment securities portfolio held by Republic First Bancorp Inc., the failed lender it acquired late last week after US regulators closed its doors.
Lancaster, Pennsylvania-based Fulton also expects to get about $800 million in cash from the Federal Deposit Insurance Corp. in connection with the deal, it said in a regulatory filing Monday. About half of that is a settlement amount due to the negative asset value of Republic First’s balance sheet and the other half is an asset discount, Fulton said.