Fulton Financial Corporation completed its acquisition of Republic First Bank from the Federal Deposit Insurance Corporation (FDIC) on April 26, 2024. Fulton Bank, a wholly owned subsidiary of Fulton Financial, acquired assets with a fair value of $4.8 billion, including $2.5 billion in loans, $1.9 billion in investment securities, and $0.2 billion in cash and interest-earning deposits. The bank also received $809.9 million in cash from the FDIC.

Fulton Bank assumed $5.6 billion in liabilities, including $4.1 billion in customer deposits. The transaction resulted in a preliminary gain on acquisition of $37.0 million after taxes. The acquired investment securities portfolio of $1.9 billion was sold shortly after the acquisition. Additionally, the acquired loan portfolio included both performing and deteriorated credit quality loans, with an allowance for credit losses of $78.1 million recorded at the acquisition date.

Fulton Bank did not enter into a loss-sharing arrangement with the FDIC. The acquisition enhances the bank's presence in Philadelphia, Pennsylvania, and New Jersey. The fair values of the acquired assets and assumed liabilities were determined in accordance with accounting standards for business combinations, and final adjustments will be made within one year of the acquisition date.