Republic First Bank was seized by Pennsylvania regulators Friday. The FDIC reached a deal with Fulton Financial to assume substantially all deposits and purchase substantially all assets of the Republic Bank.
As of Jan. 21, Republic Bank had about $6 billion in total assets and $4 billion in total deposits. Republic Bank's 32 banks in New Jersey, Pennsylvania and New York will reopen as Fulton Bank branches.
The FDIC estimates the deposit insurance cost related to Republic Bank's failure at $667 million.
Meanwhile, Fulton Financial announced early Monday that it plans a share offering to raise funds for general purposes, including new opportunities related to the Republic Bank deal.
Fulton stock leapt 7.55% to 16.80 Monday after hitting 17.34 intraday. FULT stock has a 17.09 buy point from a four-month consolidation or with that consolidation a long handle in a base going back to late 2022.
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