Republic First Bank has officially collapsed and has been seized by regulators. The FDIC announced Friday that the Bank was closed by Pennsylvania state regulators. The collapse of RFB is the first US Bank failure this year.
“Philadelphia-based Republic First Bank (doing business as Republic Bank) was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank,” the FDIC said in a statement.
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