Republic First Bank closes, first FDIC-insured bank to fail in 2024

Philadelphia-based Republic First Bank was closed by state regulators Friday night and its assets were given to the Federal Deposit Insurance Corp., FDIC announced in a news release.

Republic Bank's assets are now being taken over by Lancaster, Pennsylvania-based Fulton Bank effective immediately. Fulton is also assuming all deposits.

Republic First Bank is a regional lender operating in Pennsylvania, New Jersey and New York. The company did business as Republic Bank and had roughly $6 billion in assets and $4 billion in deposits as of Jan. 31.

Republic 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.

If you have a Republic Bank ATM or debit card, or a check, you can still use them. If you have a loan with Republic, you should still make payments as normal.