The bank reportedly had $6 billion in assets and $4 billion in deposits as of January 31, 2024.

The Pennsylvania Department of Banking and Securities initiated the Philadelphia bank’s closure in accordance with the FDIC. The bank’s failure is also expected to cost the Deposit Insurance Fund roughly $667 million.

Fulton Bank, based in Lancaster, Pennsylvania has agreed to assume substantially all of the bank’s deposits and to protect the bank’s depositors.

Fulton Bank will double their occupancy in Philadelphia with this purchase and up their deposit numbers to approximately $8.6 billion

Republic Bank had 32 branches in New Jersey, Pennsylvania, and New York. The branches have reopened as branches of Fulton Bank. The bank’s former account-holders can now access their funds. Additionally, the FDIC said in a statement, checks drawn on the former bank will continue to be processed. Loan customers should also continue to make their payments as usual.

Regulators issued a statement saying:

Depositors of Republic Bank will become depositors of Fulton Bank so customers do not need to change their banking relationship in order to retain their deposit insurance coverage. Customers of Republic Bank should continue to use their existing branches until they receive notice from Fulton Bank that it has completed systems changes that will allow its branch offices to process their accounts as well.

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