Republic First Bank closes, first FDIC-insured bank to fail in 2024
CBSN
PHILADELPHIA (CBS/AP) -- Philadelphia-based Republic First Bank was closed by state regulators Friday night and its assets were given to the Federal Deposit Insurance Corp., FDIC announced in a news release.
Republic Bank's assets are now being taken over by Lancaster, Pennsylvania-based Fulton Bank effective immediately. Fulton is also assuming all deposits.
Republic First Bank is a regional lender operating in Pennsylvania, New Jersey and New York. The company did business as Republic Bank and had roughly $6 billion in assets and $4 billion in deposits as of Jan. 31.
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