From Republic Bank to Fulton Bank: The FDIC Takes Over and Customers can Continue Financial Operations as Normal

The Federal Deposit Insurance Corporation (FDIC) recently announced that it has taken over Philadelphia-based Republic First Bank and transferred its affairs to the corporation. In a deal with Fulton Bank, the FDIC accepted all deposits and purchased the assets of the failed bank. As a result, Republic Bank’s 32 branches in New Jersey, Pennsylvania, and New York will reopen as Fulton Bank branches, operating during normal business hours.

Customers can now access their funds through checks, ATMs, and debit cards, and make loan payments as usual. The FDIC estimates that the costs associated with the collapse of Republic First Bank will amount to about $667 million.

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