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Philadelphia-based Republic First Bank has been closed by regulators, marking the first failure of an FDIC-insured bank in 2024. Fulton Bank will assume control of Republic First's assets and deposits, ensuring a smooth transition for customers.

Fulton Bank Steps in to Acquire Assets and Deposits

Republic First Bank Closure:

Republic First Bank, a regional lender operating in Pennsylvania, New Jersey, and New York, has been shut down by state regulators. The Federal Deposit Insurance Corporation (FDIC) has taken control of the bank's assets and facilitated their acquisition by Fulton Bank, based in Lancaster, Pennsylvania.

Impact on Customers:

Republic First Bank customers will automatically become customers of Fulton Bank, with their deposits remaining insured by the FDIC. They can continue using their existing branches and services until further notice from Fulton Bank as they integrate systems.

Reasons for Failure:

Republic First Bank's closure is attributed to a combination of factors, including rising interest rates and declining commercial real estate values. These challenges have placed significant financial strain on many regional and community banks.

The Bigger Picture:

The failure of Republic First Bank highlights the vulnerabilities within the banking sector, particularly among smaller institutions. Economic pressures and the changing landscape of commercial real estate pose ongoing risks to banks, potentially leading to further closures in the future.

Contact Number:

To get in touch with the FDIC and Fulton Bank regarding questions about the acquisition, you can reach the FDIC at 1-877-467-0178 during their call center hours. These hours are from 9 a.m. to 6 p.m. ET on Saturdays, 12 p.m. to 6 p.m. on Sundays, 8 a.m. to 8 p.m. on Mondays, and 9 a.m. to 5 p.m. on other days.

source: cbsnews

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