Republic First Closed by Regulators, Acquired by Fulton Bank (1)

Republic First Bank became the latest smaller lender to succumb to pressures of higher interest rates on Friday when it was closed by regulators — with most of its deposits and assets acquired by Fulton Bank.

The Federal Deposit Insurance Corp. said in a statement that Republic First’s 32 locations in New Jersey, Pennsylvania and New York will reopen Saturday as branches of Fulton Bank. Republic First — which does business as Republic Bank — had about $6 billion of assets and $4 billion of deposits at the end of January.

The Philadelphia-based bank had struggled with similar issues as ...