FULTON FINANCIAL CORP (FULT): M&A transaction — Fulton Financial completes Republic First Bank acquisition; after-tax gain on acquisition $37M

FULTON FINANCIAL CORP

Acquired assets at fair value $4.8B including $2.5B loans and $1.9B securities; assumed $5.6B liabilities including $4.1B deposits.
Received $0.8B cash from FDIC; preliminary after-tax gain on acquisition $37.0M ($47.8M pre-tax).
Investment securities ($1.9B) sold shortly after acquisition; borrowings ($1.4B) repaid.
Core deposit intangible of $92.6M recorded; no loss-sharing arrangement with FDIC.
In Q4 2024, assumed 14 leases and purchased 15 premises; reduced gain on acquisition by $2.3M.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

FULTON FINANCIAL CORP completed an acquisition involving Republic First Bank / Federal Deposit Insurance Corporation (closed 2024-04-26).

Action: acquisition
Counterparty: Republic First Bank / Federal Deposit Insurance Corporation
Closing: 2024-04-26

Exact text from the filing

Fulton Bank, National Association (“Fulton Bank”), a wholly owned subsidiary of the Corporation, acquired substantially all of the assets and assumed substantially all of the deposits and certain liabilities of Republic First Bank, doing business as Republic Bank (“Republic Bank”), from the Federal Deposit Insurance Corporation (the “FDIC”), as receiver for Republic Bank (the “Republic Bank Transaction"), pursuant to the terms of the Purchase and Assumption Agreement – Whole Bank, All Deposits, effective as of April 26, 2024

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Source: SEC EDGAR

accession 0000700564-25-000013

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