Republic First Closed by Regulators and Bought by Fulton Bank [BNN Bloomberg (Canada)]
Fulton Financial Corporation (FULT)
Last fulton financial corporation earnings: 4/21 04:48 pm
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Source: BNN Bloomberg
The Federal Deposit Insurance Corp. said in a statement that Republic First's 32 locations in New Jersey, Pennsylvania and New York will reopen Saturday as branches of Fulton Bank. Republic First — which does business as Republic Bank — had about $6 billion of assets and $4 billion of deposits at the end of January. The Philadelphia-based bank had struggled with similar issues as other regional lenders: high interest rates that translated into unrealized losses on loans and securities, leading to the collapse last year of Silicon Valley Bank, Signature Bank and First Republic. The FDIC had sought buyers for Republic First in 2023 but suspended that process after the bank struck a deal with investors for a $35 million cash injection. That agreement — intended to reassure shareholders about the bank's financial stability — fell apart earlier this year. The FDIC then restarted the sale process. The agency estimated that the failure will cost its deposit insurance fund $667 million
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FULT
News
- Fulton Financial Co. (NASDAQ: FULT) had its price target raised by analysts at Stephens from $15.50 to $17.50. They now have an "equal weight" rating on the stock.MarketBeat
- Fulton Financial Announces Closing of $287.5 Million Offering of Common StockBusiness Wire
- Fulton Financial Co. (NASDAQ: FULT) had its price target raised by analysts at DA Davidson from $15.00 to $18.00. They now have a "neutral" rating on the stock.MarketBeat
- Fulton Financial Co. (NASDAQ: FULT) had its price target raised by analysts at Keefe, Bruyette & Woods from $17.00 to $19.00. They now have a "market perform" rating on the stock.MarketBeat
- Republic First seizure signals more bank failures to come, expert warns [FOX Business Network]FOX Business Network
FULT
Earnings
- 4/16/24 - Beat
FULT
Sec Filings
- 5/3/24 - Form 4
- 5/3/24 - Form 4
- 5/3/24 - Form 4
- FULT's page on the SEC website