Republic First Bank Seized, Fulton Bank Acquires Assets Amid Banking Sector Challenges

Fulton Bank takes over Republic First Bank, marking the first U.S. bank failure in 2024 and highlighting ongoing regional banking difficulties.

Republic First Bank was seized by Pennsylvania regulators and its assets were acquired by Fulton Bank, which will reopen the bank's 32 branches across Pennsylvania, New York, and New Jersey.
The bank's failure, the first FDIC-insured bank collapse of 2024, is expected to cost the deposit insurance fund $667 million.
Fulton Bank's acquisition nearly doubles its presence in the Philadelphia market, now holding approximately $8.6 billion in combined deposits.
Republic First had struggled with internal controls and failed to secure necessary capital infusions, leading to its seizure.
Despite the bank's collapse, analysts suggest that the banking sector remains stable, with small banks generally in good shape.