Republic First Bancorp
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | 1988 |
| Defunct | 2024 |
| Fate | Acquired by Fulton Bank; filed for Chapter 11 bankruptcy in 2024 |
| Headquarters | Philadelphia , United States |
Key people | Vernon Hill (chairman, 2016) |
Republic First Bancorp, Inc., known as Republic Bank, was a financial institution headquartered in Philadelphia from 1988 until 2024.
History
Republic Bank shifted its focus from commercial banking to retail banking in 2008. In 2016, Vernon Hill, the founder of Commerce Bank, was named chairman. During that year, the bank maintained a network of 20 branches located throughout Pennsylvania and New Jersey.
Receivership
On April 26, 2024, U.S. regulatory authorities took control of Republic First Bancorp following unsuccessful negotiations for investor funding and facilitated its acquisition by Fulton Bank. The Pennsylvania Department of Banking and Securities assumed oversight, with the FDIC appointed as receiver. To safeguard depositors, Fulton Bank, a subsidiary of Fulton Financial Corp., purchased the majority of the bank's deposits and assets.
Subsequently, on September 5, 2024, Republic First Bancorp filed for Chapter 11 bankruptcy protection; however, the bank itself was not included due to its earlier acquisition.