Republic First Bank was closed in the USA
The US Federal Deposit Insurance Corporation (FDIC) announced that Philadelphia-based Republic First Bank was closed and sold to Fulton Bank.
In the statement made by the FDIC, it was reported that Republic First Bank, to which a trustee was appointed, was closed by the Pennsylvania Banking and Securities Department.
In the statement, it was stated that in order to protect depositors, the FDIC agreed with Fulton Bank to purchase almost all of the deposits and substantially all of the assets of Republic First Bank.
In the statement, it was stated that 32 branches of Republic First Bank in New Jersey, Pennsylvania and New York will be reopened as branches of Fulton Bank, and it was noted that depositors of Republic First Bank will be depositors of Fulton Bank.
In the statement, it was stated that as of January 31, Republic First Bank’s total assets were approximately 6 billion dollars and total deposits were around 4 billion dollars, and the cost of the bank’s bankruptcy to the FDIC was expected to be 667 million dollars.
The bankruptcy of Republic First Bank was the first bank failure in the United States this year.