Fulton Financial Corporation Acquires Substantially All of the Assets and Assumes Substantially All of the Deposits of Republic First Bank From the FDIC
Fulton doubles regional presence while providing stability to customers
“With this transaction, we are excited to double our presence across the region,” said
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. Republic Bank depositors will become Fulton depositors and do not need to change their banking relationship to retain their federally insured deposit insurance coverage.
Beginning as early as tomorrow, former Republic Bank financial centers will reopen as Fulton with their regularly scheduled operating hours.
Additionally, as part of this transaction,
Key transaction terms include:
-
Purchased assets of approximately
$6 billion , including an investment portfolio of approximately$2.0 billion and loans of approximately$2.9 billion . -
Assumed liabilities of approximately
$5.3 billion , including deposits of approximately$4 billion and other borrowings and liabilities of approximately$1.3 billion .
As a result of the transaction,
- Significantly advances its growth plan in a strategically important market.
-
Almost doubles its presence in the
Philadelphia market with combined company deposits of approximately$8.6 billion . - Reduces its loan to deposit ratio from 99% to 92%, improving its liquidity profile.
Investor Call
Fulton will host a conference call and audio webcast at
The link to the webcast of this call can be found at http://investor.fultonbank.com. The webcast will be archived on Fulton’s website following the call. Participants can also access the audio-only webcast at: https://edge.media-server.com/mmc/p/ap9sadhf.
Safe Harbor Statement
This press release contains forward-looking statements with respect to the financial condition, results of operations and business of the Corporation. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," “projects,” the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation’s future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation’s business or financial results.
Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, the statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation’s control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation’s Annual Report on Form 10-K for the year ended
About
Headquartered in
src="https://cts.businesswire.com/ct/CT?id=bwnewssty=20240426420772r1sid=acqr8distro=nxlang=en" style="width:0;height:0" />
View source version on businesswire.com: https://www.businesswire.com/news/home/20240426420772/en/
Media:
(717) 735-8688
Investor:
(717) 327-2657
Source:
Five insurance agents earn Customer Service Designations
With Deposit Insurance Fund Growth Ahead of Schedule, ICBA Supports Cutting Community Bank Assessments
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News