US regulators seize Republic First Bancorp and sell it to Fulton Bank for $667 million

From Investing.com: 2024-04-26 22:45:58

U.S. regulators have seized Republic First Bancorp and will sell it to Fulton Bank after Republic First abandoned funding talks. The deal includes all assets and deposits of Republic Bank, totaling $6 billion in assets and $4 billion in deposits. The FDIC estimates the cost of the failure to be $667 million.

Fulton Bank’s acquisition of Republic Bank will nearly double its presence in the Philadelphia market with combined company deposits of approximately $8.6 billion. Republic Bank’s 32 branches in New Jersey, Pennsylvania, and New York will reopen under the Fulton Bank name. This acquisition follows the collapses of three regional banks in 2023.

Republic Bank had previously struck a deal with an investor group including George Norcross and Philip Norcross, but that fell through in February. The bank had cut jobs and exited its mortgage business in early 2023, leading to a plummet in its stock price to below 1 cent. Piper Sandler & Co and BofA Securities advised Fulton Bank on the acquisition.



Read more at Investing.com: US regulators seize troubled lender Republic First, sell it to Fulton Bank By Reuters