Republic First acquired by Fulton Bank becomes the first bank failure in the U.S. this year

The Federal Deposit Insurance Corporation (FDIC) announced on Friday that it has closed Republic First Bank and reached an agreement for Fulton Bank to acquire the bank's deposits and most of its assets. According to the FDIC's statement, the 32 branches of Republic First Bank in New Jersey, Pennsylvania, and New York will reopen as branches of Fulton Bank on Saturday. The regulatory agency stated that depositors of Republic First Bank, headquartered in Philadelphia, will become depositors of Fulton Bank, headquartered in Williamsport, Pennsylvania. According to FDIC data, as of the end of January, Republic First Bank had approximately $6 billion in assets and $4 billion in deposits. The FDIC expects the failure to result in a loss of $667 million to the deposit insurance fund.