Republic First Bank closed in Pennsylvania

State regulators today closed Republic First Bank, doing business under the Republic Bank brand, in Philadelphia, and appointed the FDIC as receiver. Lancaster, Pennsylvania-based Fulton Bank agreed to assume substantially all of the failed bank’s $4 billion in deposits and to purchase substantially all of its $6 billion in assets. The FDIC estimated that the failure—the first of 2024—will cost the Deposit Insurance Fund $667 million.