Many local banking customers might have some questions after Philadelphia-based Republic First was closed by state regulators just before the weekend. It is the first FDIC-insured bank to fail this year.
Regulators close Philadelphia-based Republic First Bank, first US bank failure this year"And the FDIC covers everything in the bank, and the bank just keeps on doing business," said Chick Savery of Havertown, Delaware County.
Over the weekend, the Federal Deposit Insurance Corporation, or FDIC, announced Republic Bank's 32 branches in Pennsylvania, New Jersey, and New York would re-open as branches of Fulton Bank as early as Saturday, April 27. The FDIC also said Republic Bank account holders can access their money by writing checks or using ATM or debit cards. Checks drawn on Republic Bank will continue to be processed and loan customers should continue making payments as usual.
"They don't have to do anything. You just continue doing banking the way you normally would. There's no change, the only differences and now eventually your checks will say Fulton on them instead of Republic," said Savery.The FDIC says it entered into the agreement with Fulton to acquire Republic because compared to other alternatives that would be the least costly resolution.
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Fulton Bank takes over Republic after Pa. declares Philly’s largest bank ‘unsafe and unsound’The takeover ends years of infighting by board and investor factions for control of the largest commercial bank still based in Philadelphia.
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Regulators close Philadelphia-based Republic First Bank, first US bank failure this yearRegulators closed Philadelphia-based Republic First Bank, making it the first US bank failure this year.
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Regulators close Philadelphia-based Republic First Bank, first U.S. bank failure this yearRegulators have closed Republic First Bank, a regional lender operating in Pennsylvania, New Jersey and New York.
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Regulators close Philadelphia-based Republic First Bank, first US bank failure this yearLancaster, Pa.-based Fulton Bank NA, agreed to assume substantially all of the failed bank’s deposits and buy essentially all of its assets.
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Regulators close Philadelphia-based Republic First Bank, first US bank failure this yearRegulators have closed Republic First Bank, a regional lender operating in Pennsylvania, New Jersey and New York
Weiterlesen »
Regulators close Philadelphia-based Republic First Bank, first US bank failure this yearRepublic Bank's 32 branches will reopen as branches of Fulton Bank as early as Saturday. Republic First Bank depositors can access their funds via checks or ATMs as early as Friday night, the FDIC said.
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