Fulton Financial jumps after buying failed Republic First Bank's deposits, assets

- Fulton Financial 's shares jumped on Monday after it bought the deposits and assets of Republic First from the Federal Deposit Insurance Corporation, in what is the first U.S. bank failure of 2024.

The beleaguered lender, which had about $6 billion and $4 billion in total assets and deposits, respectively, was closed on Friday by the Pennsylvania Department of Banking and Securities. The FDIC was appointed its receiver.The FDIC estimated the cost to the Deposit Insurance Fund related to the failure of Republic Bank would be $667 million.

In February, Republic First disclosed that an investor group consisting of veteran businessman George Norcross, high-profile attorney Philip Norcross and former TD Bank executive Gregory Braca had terminated its planned $35 million funding in the troubled lender. Fulton expects the deal will double its presence in the Philadelphia market. The lender's management is scheduled to hold an investor conference later in the day to discuss the deal.Analysts at Jefferies said they expect the integration to be smooth and boost the bank's liquidity, even though this is the largest deal Fulton has undertaken post the global financial crisis.

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Source: Loan Digest (loandigest.net)

Republic First Fulton Financial Signature Bank Bank Failure George Norcross Deposits FDIC Silicon Valley Bank Pennsylvania Department Of Banking And Securities

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