Photo by Andre M. Chang (Zuma/Scanpix).
US regulators have seized the assets of Republic First Bank, a US regional bank that operated under the Republic Bank brand, and are selling it to Fulton Bank.
Bankruptcy receiver Federal Deposit Insurance Corporation said Friday (Saturday night Lithuanian time – VŽ) that Fulton Bank will take over substantially all deposits and buy all of Republic Bank’s assets to “protect depositors.”
Back in February, Philadelphia-based Republic Bank was negotiating financing with a group of investors, but after the deal fell through, its assets were seized by the Pennsylvania Department of Banking and Securities.
Republic Bank in 2023 initially cut jobs and halted mortgage lending as it faced pressure from rising costs and declining profitability.
in 2024 at the end of January, the total assets of Republic Bank amounted to about 6 billion. USD, and all deposits – 4 billion. USD. Republic also had loans and other liabilities worth about $1.3 billion. USD.
“With this transaction, we are excited to double our presence in the region,” said Curt Myers, Fulton’s chairman and CEO, in a statement.
He said 32 Republic Bank branches in New Jersey, Pennsylvania and New York will reopen as Fulton Bank branches on Saturday or Monday.
VŽ reminds that a year ago, in 2023 In the spring, three US regional banks – Silicon Valley, Signature and First Republic – collapsed, most of whose assets were taken over by JPMorgan.
At the time, Silicon Valley and Signature, which mainly catered to technology companies, faced problems due to the slowdown in this particular sector.
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