In a recent development, Republic First Bank in Philadelphia has been closed by state regulators and its assets have been taken over by the FDIC. Lancaster-based Fulton Bank will be assuming all deposits and taking over Republic Bank’s assets, which were reported to be $6 billion in assets and $4 billion in deposits as of January 31.
A total of 32 Republic Bank branches will reopen as Fulton Bank branches, allowing customers to access their funds via checks or ATMs starting Friday night. The FDIC estimates that the bank’s failure will cost the deposit insurance fund $667 million.
The reasons cited for the bank’s failure include rising interest rates and falling commercial real estate values. For any questions or concerns regarding the acquisition, customers are urged to contact the FDIC at 1-877-467-0178.
If you are a customer of Republic Bank, rest assured that your accounts are now under the management of Fulton Bank. Feel free to reach out to them for any further inquiries or assistance.
