Fulton Bank, headquartered in Lancaster, Pennsylvania, has agreed to acquire the majority of the failed bank’s deposits and assets, according to the agency.The transaction entails Fulton Bank assuming essentially all of Republic Bank’s deposits and purchasing nearly all of its assets. As a result, Republic Bank’s 32 branches are set to reopen as branches of Fulton Bank starting as early as Saturday. The FDIC also announced that depositors of Republic First Bank will be able to access their funds through checks or ATMs as soon as Friday night.
The failure of the bank is projected to incur a cost of $667 million for the deposit insurance fund. This marks the first instance of an FDIC-insured institution failing in the US this year. The previous bank failure occurred in November, involving Citizens Bank based in Sac City, Iowa. Typically, in a robust economy, an average of only four or five banks close each year.
Last month, an investor group led by Steven Mnuchin, the former US treasury secretary under the Trump administration, reached an agreement to inject over $1 billion into New York community Bancorp. The bank had been significantly impacted by challenges in the commercial real estate sector and operational difficulties stemming from its acquisition of a distressed bank.
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