On Friday, regulators seized control of Republic First Bank in Pennsylvania. The Federal Deposit Insurance Corporation (FDIC) has reached an agreement with Fulton Financial (FULT) to acquire most of the bank’s deposits and assets.

At the time of January 21, Republic Bank had a total of $6 billion in assets and $4 billion in deposits. Fulton Financial will reopen 32 branches located in New Jersey, Pennsylvania, and New York as branches of their own. The FDIC anticipates that the cost of deposit insurance related to Republic Bank’s failure will be approximately $667 million.

Following the news, Fulton stock experienced a significant increase of 10%, reaching $17.20 on Friday. The buy point for FULT stock is currently at $17.09 from a consolidation period that began in late 2022. For up-to-date stock market information and analysis, follow Ed Carson on Twitter at @edcarson1971 and @IBD_ECarson.

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