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The bank was seized by the Pennsylvania Department of Banking and Securities after failed funding talks with a group of investors. The FDIC, appointed as a receiver, said Fulton Bank, a unit of Fulton Financial Corp. , will assume substantially all deposits and purchase all the assets of Republic Bank to "protect depositors".
Republic First Bank is a separate entity from First Republic Bank, a San Francisco-based commercial bank that was closed in May 2023. The majority of the bank’s assets were sold to JPMorgan Chase.
WASHINGTON (AP) — Regulators have closed Republic First Bank, a regional lender operating in Pennsylvania, New Jersey and New York. The Federal Deposit Insurance Corp. said Friday it had seized the Philadelphia-based bank, which did business as Republic Bank and had roughly $6 billion in assets and $4 billion in deposits as of Jan. 31.
Stock in the parent firm, Republic First Bancorp, Inc., was trading at about $4.30 per share when the Norcross assault began. It had a final value of $0.01 per share shortly before 2 p.m. Friday.
Republic First Bank depositors can access their funds via checks or ATMs as early as Friday night, the FDIC said. The bank's failure is expected to cost the deposit insurance fund $667 million.
Fulton Financial Corp. has over $30 billion [1] in assets and operates as Fulton Bank. It has over 200 banking centers that provide financial services throughout Pennsylvania, Maryland, Delaware, New Jersey, New York(until September 2024) and Virginia. [2]
First Republic Bank, San Francisco. 05/01/2023. Signature Bank, New York. 03/12/2023. Silicon Valley Bank, Santa Clara, Calif. 03/10/2023. List of failed banks from 2009 – 2020
Republic Bank of Chicago 214 38 Southern Community Bank Fayetteville: Georgia June 19, 2009: United Community Bank 377 39 Cooperative Bank Wilmington North Carolina June 19, 2009: First Bank 970 40 First National Bank of Anthony Anthony: Kansas June 19, 2009: Bank of Kansas 156.9 41 Community Bank of West Georgia Villa Rica: Georgia June 26, 2009