FDIC Appointed Receiver for Closed Philadelphia-Based Republic First Bank, Deposits Transferred to Fulton Bank

The Federal Deposit Insurance Corporation (FDIC) announced yesterday that Republic First Bank, based in Philadelphia, has been shut down by Pennsylvania’s Department of Banking and Securities. The FDIC was appointed as the receiver following this closure. To safeguard depositors, an agreement between the FDIC and Fulton Bank, National Association located in Lancaster, Pennsylvania saw almost all assets and deposits transferred to the latter institution. This move aims to protect Republic First’s customers by allowing for continued banking services with minimum disruption during this process of winding down proceedings at closed institutions such as this one. The 32 branches that formerly comprised Republic Bank will be reopened under Fulton Bank on either Saturday or Monday, depending on the normal opening times for each individual location. Earlier in the week, Bloomberg reported that potential buyers had been approached by the FDIC regarding Republic First Bank’s sale before it was officially closed down by regulators. This is a developing story and further updates will be provided as they become available.