On Friday, regulators took over Republic First Bank in Pennsylvania. The Federal Deposit Insurance Corporation (FDIC) has agreed to acquire most of the bank’s deposits and assets through a deal with Fulton Financial (FULT).
At the time of January 21, Republic Bank had around $6 billion in total assets and $4 billion in total deposits. The 32 Republic Bank branches in New Jersey, Pennsylvania, and New York will be reopened as branches of Fulton Bank. The FDIC expects the deposit insurance cost related to Republic Bank’s failure to be around $667 million.
Following the news, Fulton stock surged 10% to $17.20 on Friday. FULT stock has a buy point of 17.09 from a consolidation period that started in late 2022. For stock market updates and more information, you can follow Ed Carson on Twitter at @edcarson1971 and @IBD_ECarson.
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