Overview

• 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.