FDIC Seizes Republic First Bancorp, Fourth Bank Failure, Sold to Fulton

Apr 26, 2024, 10:35 PM

Regulators have seized Philadelphia-based Republic First Bancorp, marking the fourth high-profile bank failure since last spring. The bank, which had approximately $6 billion in assets and $4 billion in deposits as of January 31, was sold to Fulton Bank, N.A. of Lancaster, Pennsylvania. The Federal Deposit Insurance Corporation (FDIC) was involved in the seizure and sale, highlighting ongoing efforts to stabilize the banking sector amid financial instability.