Categories: Business

FDIC Takes Over Republic First Bank: What it Means for Investors and Fulton Financial

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.

If you’re interested in discovering the best growth stocks to invest in, IBD Digital offers premium stock lists, tools, and analysis. Additionally, keep an eye on the earnings calendar for AI company Super Micro, with seven stocks displaying buy signals amidst a booming market.

Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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Samantha Nguyen

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