Fulton Financial Acquires Republic Bank Deposits and Assets, Surges in Stock Price Amid Economic Uncertainty
Fulton Financial (FULT) has announced that it will acquire most of the deposits and assets of Republic First Bank in Pennsylvania, which was taken over by regulators on Friday. As of January 21, Republic Bank had approximately $6 billion in total assets and $4 billion in total deposits.
The Federal Deposit Insurance Corporation (FDIC) made the agreement with Fulton to take over the bank’s deposits and assets. Following the news, Fulton stock surged 10% to $17.20 on Friday. The FDIC expects the deposit insurance cost related to Republic Bank’s failure to be around $667 million.
As a result of this acquisition, 32 Republic Bank branches in New Jersey, Pennsylvania, and New York will be reopened as branches of Fulton Bank. For stock market updates and more information, you can follow Ed Carson on Twitter at @edcarson1971 and @IBD_ECarson.
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