$10 Billion Bank With Branches In New York Shut Down

Banking regulators shut down a bank with locations in the New York area. The bank was closed on Friday, April 26, 2024, by the Pennsylvania Department of Banking and Securities. The Federal Deposit Insurance Corporation, also known as the FDIC, was appointed the receiver.

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Philadelphia-based Republic First Bank, which was doing business as Republic Bank, was closed. To protect customers' deposits, "the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank."

Republic Bank is the first U.S. bank failure in 2024.

At the end of January, Republic Bank had approximately $6 billion in total assets and $4 billion in total deposits. The failure of the bank will cost the Deposit Insurance Fund an estimated $667 million.

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The two Republic Bank branches in New York are located in NYC.

- 830 Third Avenue, New York, NY 10022

- 90 Fifth Avenue, New York, NY 10011

There are also quite a few locations in New Jersey. Beginning today, Saturday, April 27, Republic Bank customers are able to access their money by writing checks, ATM access, or using their debit cards. Customers should continue to use former Republic Bank branches until notified of changes by Fulton Bank. Fulton Bank's Chairman and CEO Curt Myers said,

“With this transaction, we are excited to double our presence across the region. We look forward to welcoming Republic Bank’s team members and customers to Fulton and providing our comprehensive set of consumer, commercial and wealth advisory products and services to even more customers.”

Fulton Bank does not currently have any locations in New York, but has four in New Jersey:

- 139 Manhattan Street, Jackson, NJ 08527

- 205 East Kennedy Boulevard, Lakewood, NJ 08701

- 20 N. Main St., Allentown, NJ 08501

- 2 Village Center Drive Raintree Towne Center, Freehold, NJ 07728

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