Feds Shut Down $10 Billion Bank With Locations In New York State

New Yorkers are dealing with many forced changes with their bank after the feds shut down a bank with branches in the Empire State.

The Federal Deposit Insurance Corporation (FDIC) announced they closed a bank with many branches in the tri-state area.

Republic First Bank Closed

Philadelphia-based Republic First Bank, which did business as Republic Bank was shut down on Friday, the FDIC reported on Friday.

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Republic Bank operated 32 branches across New York, New Jersey and Pennsylvania.

As of January 31, 2024, Republic Bank had around $6 billion in total assets and $4 billion in total deposits, according to officials.

What Happens Next? Fulton Bank To Take Over

The FDIC confirmed they entered into an agreement with Fulton Bank "to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank."

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All 32 branches will reopen this week as Fulton Bank.

"Customers of Republic Bank should continue to use their existing branches until they receive notice from Fulton Bank that it has completed systems changes that will allow its branch offices to process their accounts as well," the FCIC states.

If Republic Bank is your bank, until you make a change, your bank is known as Fulton Bank.

All won't "need to change their banking relationship in order to retain their deposit insurance coverage."

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All can access their money by writing checks or using ATM or debit cards. Checks drawn on Republic Bank will continue to be processed and loan customers should continue to make their payments as usual.

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