Fulton Financial buys substantially all assets of Republic First from FDIC

Fulton Financial Corporation (FULT) on Friday announced that its bank subsidiary, Fulton Bank, N.A., acquired substantially all of the assets and assumed substantially all of the deposits of Republic First Bank (FRBK), doing business as Republic Bank, 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.”With this transaction, we are excited to double our presence across the region,” said Fulton Chairman and CEO Curt Myers. 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 their federally insured deposit insurance coverage. Key transaction terms include: Purchased assets of approximately $6B, including an investment portfolio of approximately $2B and loans of approximately $2.9B. Assumed liabilities of approximately $5.3B, including deposits of approximately $4B and other borrowings and liabilities of approximately $1.3B.