The Pennsylvania Department of Banking and Securities seized Republic First Bancorp, agreeing to sell it to Fulton Bank. This is reported by Reuters.
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As of January 31, 2024, the bank's total assets amounted to about $6 billion, and deposits – $4 billion. According to the Federal Deposit Insurance Corporation, losses from bankruptcy will amount to $667 million.
Fulton Bank, a division of Fulton Financial Corp., will take over almost all of the deposits and will acquire all of the assets of Republic Bank.
This is the fourth time that a regional bank in the United States has fallen in the last 2 years.