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.
Fulton Bank, which is based in Lancaster, Pennsylvania, agreed to assume substantially all of the failed bank’s deposits and buy essentially all of its assets, the agency said.
Republic Bank’s 32 branches will reopen as branches of Fulton Bank as early as Saturday. 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.
The lender is the first FDIC-insured institution to fail in the U.S. this year. The last bank failure — Citizens Bank, based in Sac City, Iowa — was in November.
Pentagon vows to keep weapons moving to Ukraine as Kyiv faces a renewed assault by Russia
China Improves Service Capacity of Rural, Community
People Have Fun During Spring Festival Holiday
China's Mountain Schools Introduce Children to the Future
Pentagon vows to keep weapons moving to Ukraine as Kyiv faces a renewed assault by Russia
Tibetan New Year Marked with Joy and Hope
People Enjoy Spring Festival Atmosphere Across China
National Library of China Releases Databases for Dissemination, Study of Ancient Books
Trump accepts a VP debate but wants it on Fox News. Harris has already said yes to CBS
The unstoppable duo of Emma Stone and Yorgos Lanthimos
Blossoms of Chinese Flowering Crabapple Boost Tourism in N China's Tianjin