Republic First Bank has officially collapsed and has been seized by regulators. The FDIC announced Friday that the Bank was closed by Pennsylvania state regulators. The collapse of RFB is the first US Bank failure this year.
JUST IN: Republic First Bank officially collapses and seized by regulators.
“Philadelphia-based Republic First Bank (doing business as Republic Bank) was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank,” the FDIC said in a statement.
In addition, the statement continues by explaining the future of the 32 current Republic First Bank locations. Their branches in New Jersey, Pennsylvania, and New York will reopen as branches of Fulton Bank on Saturday and Monday. Reopening dates depend on individual branch hours.
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For current bank members, depositors can access their money by writing checks or using ATM or debit cards. The bank will continue to process any checks drawn. Also, loan customers should continue to make their payments as usual, according to the FDIC.
As of January 31, 2024, Republic First Bank had approximately $6 billion in total assets and $4 billion in total deposits, the FDIC says. The bank was the first to fail in the United States since Citizens Bank in Sac City, Iowa, last November.
Disclaimer: Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.
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