Philadelphia-Based Republic First Bank Collapses in First Bank Failure of 2024

Published on April 27, 2024

The troubled Philadelphia-based Republic First Bank has imploded, with federal regulators seizing it and arranging for it to be taken over by fellow regional lender Fulton Financial, in what marks the first bank failure of 2024. The Federal Deposit Insurance Corporation (FDIC) announced on April 26 that Republic First Bank—which did business as Republic Bank—was seized and closed that same day. In order to protect people with savings at Republic Bank, the FDIC entered into an agreement with Fulton Financial to assume the deposits and assets of the failed bank. This means that Republic Bank’s 32 branches in New Jersey, Pennsylvania, and New York reopened on Saturday as branches of Fulton Bank, continuing to provide regular banking services to depositors without interruption....

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