US Regulator Closes Republic First Bank, Fulton Bank Assumes Deposits

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The Pennsylvania Department of Banking and Securities closes the Republic First Bank.
The regulators appoint FDIC as the receiver, with Fulton Bank assuming all deposits and assets of the bank.
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The Federal Deposit Insurance Corporation (FDIC) declared the closure of Republic First Bank sparking debate among the crypto community. While the Pennsylvania Department of Banking and Securities seized the Philadelphia-based bank, the regulators appointed FDIC as the receiver.

As of the end of January 2024, Republic First Bank had about $6 billion in total assets and $4 billion in total deposits. Also, the firm had borrowings and other liabilities of about $1.3 billion. In an official statement, FDIC highlighted the agreement with Fulton Bank that allows the latter to assume almost all deposits and purchase assets of Republic. The statement read,

“To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposit…

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