Fulton (FULT) Buys Republic First Bank, Expands in Philadelphia

Shares of Fulton Financial Corporation (FULT) jumped 7.6% following the announcement of the acquisition of substantially all assets and deposits of Republic First Bank (“Republic Bank”) from the Federal Deposit Insurance Corporation (FDIC). The transaction has been successfully completed following the necessary regulatory approvals.Republic Bank was seized by U.S. regulators on Apr 26 as it struggled amid a high interest rate regime. This adversely impacted its balance sheet and market valuation, given its ...