The Fulton Financial Corporation has acquired Republic First Bank, Save Jerseyans, the first bank failure of 2024 which impacts a chain that was relatively prolific in Southwestern New Jersey.
“During the transition, Republic Bank depositors will continue to have uninterrupted access to their accounts through online banking or by writing checks, using existing ATMs or debit cards,” explained a Fulton Bank press release. “Republic Bank depositors will become Fulton depositors and do not need to change their banking relationship to retain their federally insured deposit insurance coverage.”
Republic Bank boasted around $6 billion in assets as of the end of 2023; Fulton, by contrast, has around $28 billion.
There’s a New Jersey politics angle, of course. There always is.
Founded by billionaire banking tycoon Vernon Hill, Republic Bank’s downward spiral included a recent and vicious proxy war between two factions, one of which was led by Camden Machine party boss George Norcross III.
“With this transaction, we are excited to double our presence across the region,” said Fulton Chairman and CEO Curt Myers in the prevailing bank’s release. “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.”
