The Pennsylvania Department of Banking and Securities closed Philadelphia-based Republic First Bank and transferred its affairs to the Federal Deposit Insurance Corporation (FDIC).
The corporation entered into an agreement with Fulton Bank to accept all deposits and purchase the assets of the failed bank.
“Republic Bank’s 32 branches in New Jersey, Pennsylvania and New York will resume operations as Fulton Bank branches on Saturday or Monday during normal business hours,” the corporation said. Bank depositors will be able to access their funds using checks, ATMs or debit cards, and loan payments will be able to be made as usual.
According to FDIC estimates, costs associated with the collapse of Republic First Bank will amount to about $667 million, TASS reports.