Fulton Financial Corporation acquired substantially all of Republic Bank’s assets and assumed most of Its Deposits from the Federal Deposit Insurance Corporation.
All regulatory approvals, including approval from the Office of the Comptroller of the Currency, have been obtained, and the transaction has closed.
Lancaster, PA-based Fulton has been expanding its presence in northern Delaware and the Delaware Valley and, late last year opened a branch in Bear at a former PNC location.
The FDIC seized the financially troubled Republic after determining that it was a failed bank and worked to find a buyer. Typically, the FDIC’s insurance fund takes on troubled assets.
“With this transaction, we are excited to double our presence across the region,” said Fulton 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.”
During the transition, 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. Republic Bank depositors will become Fulton depositors and do not need to change their banking relationship to retain federally insured deposit insurance coverage.
Beginning as early as Saturday, former Republic Bank financial centers will reopen as Fulton branches with their regularly scheduled operating hours including Saturdays.
Additionally, as part of this transaction, Fulton Bank is making a $5 million donation to the Fulton Forward Foundation to provide additional impact grants to nonprofit community organizations across the region.
Highlights
- Purchased Republic assets of approximately $6 billion, including an investment portfolio of approximately $2 billion and loans of approximately $2.9 billion.
- Assumed liabilities of approximately $5.3 billion, including deposits of approximately $4 billion and other borrowings and liabilities of approximately $1.3 billion.
- Transaction improves Fulton’s liquidity.
