Washington DC – The Pennsylvania Department of Banking and Securities made the decision to close Republic First Bank, also known as Republic Bank, today. The Federal Deposit Insurance Corporation (FDIC) has been appointed as the receiver in this process. To ensure the protection of depositors, an agreement was reached between the FDIC and Fulton Bank, National Association from Lancaster, Pennsylvania. Fulton Bank will be taking over the majority of the deposits and assets of Republic Bank.
With 32 branches in New Jersey, Pennsylvania, and New York, Republic Bank customers can expect a seamless transition as these branches will reopen under the Fulton Bank name soon. Customers will still be able to access their funds through checks, ATMs, and debit cards during this transition period. It is important to note that depositors of Republic Bank will automatically become depositors of Fulton Bank without needing to alter their banking arrangements.
For customers who have inquiries regarding the acquisition of Republic Bank by Fulton Bank, the FDIC has set up a toll-free hotline for assistance. The FDIC’s Call Center will be available to address concerns from customers on various days and times. Additionally, customers can refer to the FDIC’s website for more information on the acquisition.
As of the end of January 2024, Republic Bank held about $6 billion in assets and $4 billion in deposits. The FDIC has estimated that the failure of Republic Bank will lead to a cost of $667 million to the Deposit Insurance Fund (DIF). This fund, established by Congress in 1933 and overseen by the FDIC, is designed to safeguard deposits in the nation’s banks. Republic Bank marks the first bank failure of the year, following the closure of Citizens Bank in Sac City, Iowa in November 2023.