FDIC Assumes Control of Failed Republic First Bank, Customers Can Access Funds as Usual with New Owner Fulton Bank

The Pennsylvania Department of Banking and Securities recently closed Republic First Bank, a Philadelphia-based financial institution. The bank was handed over to the Federal Deposit Insurance Corporation (FDIC) and Fulton Bank has agreed to assume all deposits and acquire the assets of the failed bank. This means that starting on Saturday or Monday, the 32 branches of Republic Bank in New Jersey, Pennsylvania, and New York will be operating as Fulton Bank branches during regular business hours.

Customers can still access their funds through checks, ATMs, or debit cards, and make loan payments as usual. According to reports from the FDIC, the failure of Republic First Bank could result in costs up to $667 million.

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Overall, while this is a significant closure for customers of Republic First Bank, it is important for them to remain confident that their funds are safe with Fulton Bank taking over operations.