The Pennsylvania Department of Banking and Securities recently closed Philadelphia-based Republic First Bank and transferred its affairs to the Federal Deposit Insurance Corporation (FDIC). In an agreement with Fulton Bank, the FDIC accepted all deposits and purchased the assets of the failed bank.
The corporation announced that Republic Bank’s 32 branches in New Jersey, Pennsylvania, and New York will reopen as Fulton Bank branches, operating during normal business hours. Customers will be able to access their funds through checks, ATMs, and debit cards, and make loan payments as usual.
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The FDIC estimates that the costs associated with the collapse of Republic First Bank will amount to about $667 million.
