Fulton Financial Corporation announced its bank subsidiary, Fulton Bank, N.A., has acquired substantially all of the assets and assumed substantially all of the deposits of Republic First Bank, doing business as Republic Bank (Republic Bank), from the Federal Deposit Insurance Corporation (the FDIC). All regulatory approvals, including approval from the Office of the Comptroller of the Currency, have been obtained, and the transaction has closed.
“With this transaction, we are excited to double our presence across the region,” said Fulton Chairman and CEO Curt Myers. “We look forward to welcoming Republic Bank’s team members and customers to Fulton and providing our comprehensive set of consumer, commercial and wealth advisory products and services to even more customers.”
During the transition, Republic Bank depositors will continue to have uninterrupted access to their accounts through online banking or by writing checks, using existing ATMs or debit cards. Republic Bank depositors will become Fulton depositors and do not need to change their banking relationship to retain their federally insured deposit insurance coverage.
Beginning as early as tomorrow, former Republic Bank financial centers will reopen as Fulton with their regularly scheduled operating hours.
Additionally, as part of this transaction, Fulton Bank is making a $5 million donation to the Fulton Forward Foundation to provide additional impact grants to nonprofit community organizations across the region that share Fulton’s vision of advancing economic empowerment, particularly in underserved communities.
Key transaction terms include:
- Purchased assets of approximately $6 billion, including an investment portfolio of approximately $2.0 billion and loans of approximately $2.9 billion.
- Assumed liabilities of approximately $5.3 billion, including deposits of approximately $4 billion and other borrowings and liabilities of approximately $1.3 billion.
As a result of the transaction, Fulton Bank:
- Significantly advances its growth plan in a strategically important market.
- Almost doubles its presence in the Philadelphia market with combined company deposits of approximately $8.6 billion.
- Reduces its loan to deposit ratio from 99% to 92%, improving its liquidity profile.
Piper Sandler & Co. and BofA Securities, Inc. acted as financial advisors to Fulton in connection with the transaction. Sullivan & Cromwell LLP acted as legal advisor.