Fulton Financial Acquires Republic First Bank From FDIC (1)

Pennsylvania’s Fulton Bank will assume “substantially” all deposits of Philadelphia-based Republic First Bank, the FDIC says in a statement.

• FDIC says cost to the Deposit Insurance Fund related to the failure of Republic Bank estimated to be $667m
• FDIC says Fulton Bank to assume substantially all of Republic First’s deposits and purchase substantially all of the bank’s assets
• Republic Bank’s 32 branches in New Jersey, Pennsylvania and New York will reopen as branches of Fulton Bank on Saturday or on Monday during normal business hours, FDIC says
• Republic Bank had approximately $6 billion in total assets and $4 billion in ...