FULT - US Regulators Seize Republic First Bancorp Fulton Bank Steps In As Buyer Amid Regional Banking Woes | Benzinga
Republic First Bancorp (OTC:FRBK) has been seized by U.S. regulators and sold to Fulton Bank, a unit of Fulton Financial Corp (NASDAQ:FULT). This comes a year after the collapse of three of its peers amid a regional bank crisis.
What Happened: The Philadelphia-based Republic First, which had previously halted funding negotiations with a group of investors, was taken over by the Pennsylvania Department of Banking and Securities, reported the Federal Deposit Insurance Corp. (FDIC) on Friday.
Fulton Bank will acquire almost all of Republic Bank’s assets and deposits to safeguard the depositors.
Republic Bank had approximately $6 billion in total assets and $4 billion in total deposits as of Jan. ...