Local Bank Republic First Seized by Regulators, Accounts Safe with Fulton Bank Takeover
Local Bank Republic First Seized by Regulators, Accounts Safe with Fulton Bank Takeover
Just this past Friday, Republic First Bank, a familiar face in our communities across Pennsylvania, New Jersey, and New York, was unfortunately seized by state regulators. But there’s no need to panic! The Federal Deposit Insurance Corporation (FDIC) stepped in swiftly, ensuring a smooth transition for customers.
Here’s the breakdown:
- What Happened: Regulators closed Republic First Bank due to unspecified financial reasons.
- Who Stepped In: The FDIC, a government agency that protects bank deposits, took control of Republic First Bank’s assets.
- The Good News: Fulton Bank, a Pennsylvania-based lender, has acquired most of Republic First Bank’s assets and liabilities. This means your money is safe!
What This Means for You:
- Your Deposits Are Secure: Since Fulton Bank is assuming all deposits, your checking and savings accounts remain insured by the FDIC, up to the standard limits. You won’t need to take any action to maintain your deposit insurance.
- Branch Access: As early as tomorrow, Republic First Bank branches will reopen under the Fulton Bank banner.
- Accessing Your Money: You can still access your funds through checks, ATMs, or debit cards (though it’s a good idea to confirm any changes with Fulton Bank directly).
- Loan Payments: If you have a loan with Republic First Bank, continue making payments as usual. Fulton Bank will handle your loan servicing moving forward.
Overall, this situation might cause some initial confusion, but your money remains safe. Fulton Bank’s takeover ensures continued banking services, and the FDIC is there to protect your deposits.
For any further questions or concerns, you can contact Fulton Bank directly. Their website and customer service number should be readily available at your local branch or online.
