Pa.’s Republic Bank fails, becomes part of Fulton Bank

💲 The FDIC seized Republic Bank on Friday

💲 Fulton Bank bought all of Republic's assets

💲 Republic Bank customers automatically become Fulton account holders

Republic Bank customers may see a new name on the door as federal regulators seized operations and Fulton Bank takes over.

It is business as usual for Republic account holders after the Federal Deposit Insurance Corp. (FDIC) said Friday it had seized the Lancaster, Pa.based bank, which did business as Republic Bank. It had roughly $6 billion in assets and $4 billion in deposits as of Jan. 31.

As soon as Saturday Republic Bank depositors will become Fulton depositors. They do not need to change anything with their account to retain their federally insured deposit insurance coverage.

Uninterrupted access to Republic accounts

Fulton in a statement said Republic Bank depositors will continue to have uninterrupted access to their accounts through online banking or by writing checks, using existing ATMs or debit cards.

“With this transaction, we are excited to double our presence across the region,” said Fulton Chairman and CEO Curt Myers. “We look forward to welcoming Republic Bank’s team members and customers to Fulton and providing our comprehensive set of consumer, commercial and wealth advisory products and services to even more customers.”

Myers did not disclose if any current Republic branches will be closed or employees laid off.

It is the first bank failure of 2024 in the United States.

Deal disappears

The beginning of the end for Republic came in February when a group of investors led by South Jersey businessman and politician George Norcross III backed out of a deal to invest $35 million in the bank created in 1988,  according to coverage by the Philadelphia Inquirer.

Norcross had concerns when Republic did not file financial reports going back to 2022 or hold a shareholder meeting.

Republic has 32 branches in Pennsylvania, New Jersey and New York. Fulton operates 200 financial centers in Pennsylvania, New Jersey, Maryland, Delaware, and Virginia.

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