Fulton Financial Corp. Expands Presence in Philadelphia with Republic Bank Takeover
Fulton Financial Corp. has announced plans to double its presence in the Philadelphia area by acquiring Republic Bank of Philadelphia. The takeover includes $4 billion in customer deposits, nearly $3 billion in loans, and 30 branches.
Republic Bank was seized by Pennsylvania banking regulators due to an “unsafe and unsound condition”, leading to its collapse. Fulton quickly acquired the assets from the FDIC and Chairman Curt Myers has promised uninterrupted access to accounts for Republic customers.
With this takeover, the combined entity will have nearly $9 billion in deposits and more than 80 branches in the region. Fulton currently has branches in central Pennsylvania, Maryland, and Delaware.
Republic Bank’s troubled history includes failed financial reports, infighting, and boardroom coups. Former CEO Vernon Hill, who is known for starting Commerce Bancorp and Metro Bank, was ousted in 2022 after attempting to expand the bank’s reach.
Additionally, major investor George Norcross was involved in a failed deal to gain control of Republic Bank. This acquisition by Fulton Financial Corp. marks a significant expansion for the company and solidifies its presence in the Philadelphia area.
