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.
In addition to this acquisition, IBD Digital offers premium stock lists, tools, and analysis for investors looking for the best growth stocks to buy and watch. The earnings calendar also includes AI company Super Micro, with seven stocks showing buy signals amid a roaring market.
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