FDIC says Republic First Bank is closed by Pennsylvania regulators

The Federal Deposit Insurance Corporation (FDIC) announced the closure of Republic First Bank, the first US bank failure this year. The Pennsylvania Department of Banking and Securities appointed FDIC as receiver and entered into an agreement with Fulton Bank, National Association to protect depositors by assuming the deposits and purchasing the assets of Republic Bank. The bank had $6 billion in total assets and $4 billion in total deposits at the end of January. The 32 branches will reopen as branches of Fulton Bank, and depositors will become depositors at Fulton Bank with the FDIC’s deposit insurance covering up to $250,000 per depositor.