Fulton Bank acquires Republic First Bank (~$6B assets) from FDIC in failed-bank resolution

FULTON FINANCIAL CORP

Acquired ~$6B in assets: $2.0B investment portfolio, $2.9B loans, $0.8B cash from FDIC ($0.4B settlement + $0.4B discount).
Assumed ~$5.3B liabilities: ~$4B deposits and ~$1.3B other borrowings and liabilities.
FDIC indemnifies Fulton Bank against certain claims; no assets/liabilities from Republic First Bancorp parent.
Fulton receives option to purchase or lease Republic Bank's premises.
Effective date April 26, 2024; transaction structured as purchase and assumption agreement.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FULTON FINANCIAL CORP entered into Purchase and Assumption Agreement – Whole Bank, All Deposits with Federal Deposit Insurance Corporation (FDIC), as receiver for Republic Bank valued at approximately $6 billion (effective 2024-04-26).

Action: entry
Agreement: asset purchase
Counterparty: Federal Deposit Insurance Corporation (FDIC), as receiver for Republic Bank
Value: approximately $6 billion
Effective: 2024-04-26

Exact text from the filing

As previously disclosed, effective April 26, 2024, Fulton Bank, National Association (“ Fulton Bank ”), a national bank and wholly owned subsidiary of Fulton Financial 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 “ Acquisition ”), pursuant to the terms of the Purchase and Assumption Agreement – Whole Bank, All Deposits entered into by Fulton Bank and the FDIC on April 26, 2024 (the “ Agreement ”).

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Source: SEC EDGAR

accession 0001193125-24-129345

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