Republic First Bancorp Inc

FRBK

Market cap $21.7M

The seizure of Republic First marked the first bank failure in the U.S. in 2024 and has reignited concerns of contagion after a string of regional banks collapsed early last year.

Fulton Financial Corp shares staged an 8.5% rally on Monday after taking control of deposits and assets formerly belonging to regional bank Republic First. US regulators on Friday seized Republic First's $10 billion worth of deposits and assets and FDIC was appointed as its receiver following a prolonged liquidity crunch.

Fulton Financial Corp.'s stock rallied Monday on plans by the bank to acquire Republic First Bank from the Federal Deposit Insurance Corp. in the year's first bank liquidation.

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.

David Smith of Autonomous Research discusses why he thinks Republic First Bank is not a "canary in the coal mine" and how a higher-for-longer interest rate environment might affect the regional bank sector.

Philadelphia-based lender Republic First Bancorp has been sold after being seized by regulators. Fulton Bank, another Pennsylvania financial institution, has agreed to acquire the lender — which does business as Republic Bank — and its assets, the Federal Deposit Insurance Corp. (FDIC) announced late Friday (April 26).

Republic First Bancorp was seized by Pennsylvania regulators Friday, following a failed deal earlier this year to infuse the Philadelphia-based regional bank with new funds, amid a decline in deposits and a struggling mortgage lending business.

Fulton Financial will assume the assets and deposits of Republic First Bank, which was seized Friday by Pennsylvania regulators. Fulton stock jumped.

The regional lender, which operated as Republic Bank, was reeling with higher costs and inability to improve profitability that prompted it to cut jobs and exit its mortgage origination business in early 2023.

U.S. regulators are set to seize Republic First Bancorp and are nearing a deal to sell it to another lender, the Wall Street Journal reported on Friday, citing people familiar with the matter.