American regulators have closed Republic First Bank
The American Republic First Bank was closed on Friday by the Department of Banking and Securities of the state of Pennsylvania. This was announced by the Federal Deposit Insurance Corporation (FDIC).
It was noted that Fulton Bank agreed to take over the failed financial institution. Almost all of the deposits and assets of the credit organization will be transferred to them. On Saturday and Monday, the Republic First Bank branches in New Jersey, Pennsylvania, and New York will reopen as branches of Fulton Bank. Bank depositors will become depositors of Fulton Bank, so customers do not need to change their banking affiliation to maintain deposit insurance coverage.
The collapse of Republic First Bank was the first in the US since the beginning of 2024. As of January 31, the total assets of the credit organization were around $6 billion, and the total deposit volume was $4 billion.