Republic First Bancorp, Inc. Stock News

The seizure of Republic First marked the first bank failure in the U.S. in 2024 and has reignited concerns of contagion after a string of regional banks collapsed early last year.

Fulton Financial Corp shares staged an 8.5% rally on Monday after taking control of deposits and assets formerly belonging to regional bank Republic First. US regulators on Friday seized Republic First's $10 billion worth of deposits and assets and FDIC was appointed as its receiver following a prolonged liquidity crunch.

Fulton Financial Corp.'s stock rallied Monday on plans by the bank to acquire Republic First Bank from the Federal Deposit Insurance Corp. in the year's first bank liquidation.

Fulton Financial's shares jumped on Monday after it bought the deposits and assets of Republic First from the Federal Deposit Insurance Corporation, in what is the first U.S. bank failure of 2024.

Philadelphia-based lender Republic First Bancorp has been sold after being seized by regulators. Fulton Bank, another Pennsylvania financial institution, has agreed to acquire the lender — which does business as Republic Bank — and its assets, the Federal Deposit Insurance Corp. (FDIC) announced late Friday (April 26).